{"id":611968,"date":"2023-02-26T04:49:12","date_gmt":"2023-02-26T10:49:12","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/26\/crypto-assets-are-nothing-imf-wants-more-regulations-for-private-cryptocurrencies\/"},"modified":"2023-02-26T04:49:12","modified_gmt":"2023-02-26T10:49:12","slug":"crypto-assets-are-nothing-imf-wants-more-regulations-for-private-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/26\/crypto-assets-are-nothing-imf-wants-more-regulations-for-private-cryptocurrencies\/","title":{"rendered":"\u2018Crypto assets are nothing\u2019: IMF wants more regulations for private cryptocurrencies"},"content":{"rendered":"<div>\n<p>The Financial Stability Board, International Monetary Fund and Bank for International Settlements are committed to presenting a foundation for the regulation of private cryptocurrencies, IMF Managing Director Kristalina Georgieva said.<\/p>\n<div>\n<p>\u201cIn that world of private issuances, there has to be more regulation,\u201d Georgieva said on the sidelines of the G-20 meeting on Saturday.<\/p>\n<p>Conclusions from the IMF\u2019s board discussion on the issue include:<\/p>\n<ul>\n<li>\u201cCrypto assets are nothing, they cannot be accepted as a legal tender,\u201d Georgieva said.<\/li>\n<li>There has to be a very strong push for regulation.<\/li>\n<li>If regulation fails, or if implementation is slow, then banning those assets shouldn\u2019t be taken off the table because they may create risks to financial stability.<\/li>\n<\/ul>\n<p>In a\u00a0<a href=\"https:\/\/www.pib.gov.in\/PressReleseDetail.aspx?PRID=1902237\" target=\"_blank\" rel=\"noreferrer noopener\">statement<\/a>, <a href=\"https:\/\/fortune.com\/company\/indian-oil\/\" target=\"_blank\" rel=\"noopener\">India<\/a> which heads the G-20, said the discussions helped initiate a broader dialog on crypto assets. It also raised \u201cseveral pertinent policy questions that policymakers and regulators need to evaluate closely.\u201d\u00a0<\/p>\n<p>\u201cIn addition to evaluating the consequences of crypto assets to the broader economy, there is also an existential question on whether crypto assets are indeed the optimal solution for existing challenges in global financial systems,\u201d India said.<\/p>\n<p>India has had a hot and cold relationship with crypto assets. In 2018 the central bank had cut crypto startups from the country\u2019s payment network and last year, announced a new tax regime.<\/p>\n<p>Under that a 1% transactional tax was imposed and which has decimated volumes on crypto exchanges.<\/p>\n<p><em>\u2014 With assistance by Anirban Nag<\/em><\/p>\n<\/div>\n<p>Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. <a href=\"https:\/\/mynewsletters.fortune.com\/trust-factor\/\" target=\"_self\" rel=\"noopener\">Sign up here.<\/a><\/p>\n<\/div>\n<p><a href=\"https:\/\/fortune.com\/2023\/02\/25\/crypto-assets-nothing-imf-wants-more-regulations-for-private-cryptocurrencies\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Ruchi Bhatia, Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Stability Board, International Monetary Fund and Bank for International Settlements are committed to presenting a foundation for the regulation of private cryptocurrencies, IMF Managing Director Kristalina Georgieva said. \u201cIn that world of private issuances, there has to be more regulation,\u201d Georgieva said on the sidelines of the G-20 meeting on Saturday. Conclusions from<\/p>\n","protected":false},"author":1,"featured_media":611969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29584,22791],"tags":[],"class_list":{"0":"post-611968","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-assets","8":"category-crypto"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=611968"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/611969"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=611968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=611968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=611968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}