No need to ban cryptocurrency, says IMF chief Gita to Modi government over cryptocurrency

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Cryptocurrency is very famous among people of India. All the biggest names of India are exchanging the digital currency for earning. Surprisingly, people are earning a very good amount from this currency. However, there is nothing about this currency in the law book of India. The government might think of banning the currency in India.

In contrast to this International Monetary Fund chief economist Gita Gopinath make a bold statement to the government of India. According to her it is important to regulate the cryptocurrency instead of banning it. She made this statement on December 15 of 2021. She calls it a global policy.

Details about this statement

She said that there are lots of challenges in banning digital currency in India. Lots of transactions are not in control of the particular country. She particularly addresses the NCAER ( National Council of Applied Economics Research). She take the reference to global policy and made her statement very clear. According to this police, no country has the power to solve this problem on its own. The reason is that it is possible to make the digital currency all over the world.

In addition to this, she said that there is an emergency need for a global policy for cryptocurrency. She added all these statements in an interview on CNBC TV-18. According to her, there is nothing to be afraid of cryptocurrency. It is not a global threat for now. Apart from this, she talked about the real-world threat of omicron. The cases of covid are increasing a lot. People need to vaccinate themselves as soom as possible. Otherwise, the cases will keep on increasing.

In the ongoing session of the winter parliament, there is no possibility of getting anything in favor of cryptocurrency. After the meeting economist also tweeted tagging the primer minister Modi along with some photographs of the meeting. She mainly wants to convey her messages to the prime ministers of India. Her main concern was that there is no need of banning cryptocurrency in the country for now.  It is not at all a threat to India. In fact, for the whole world. So it’s better to regulate it instead of banning it.

In some points, the economist is Right at her place. Digital currency is doing very good in its place. In the last recent years cryptocurrency come very far. People are becoming very aware of this currency now. They are buying more and more of digital currency and use it to earn money. Also there are very rare news of cryptocurrency frauds. The basics of cryptocurrency reduce the scams and frauds of cryptocurrency. The information of all the users are secure among people.

Benefits of cryptocurrency

Also there are lots of benefits of using cryptocurrency. The transaction rate is also very low. People have to pay very low taxes. There are almost very negligible. Also there is transparency between among the users.

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