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IMF hints at a template for global crypto policy

IMF

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TL;DR

  • IMF floats new crypto policy template
  • The body wants countries to work together
  • The IMF proposes stricter enforcement of laws

The International Monetary Fund (IMF) board has rolled out new guidelines from which countries can choose how to develop their crypto policies. The body made the recommendations of its meeting public after going through a paper submitted to the board. The paper houses a comprehensive list of crypto regulations countries can choose to govern their crypto market.

The IMF board wants countries to work together

The IMF mentioned that the underlined policies aim to reduce the risks present in dealing with crypto. However, the body also wants the country to stay within the assets, thereby losing out on the incredible opportunities and potentials of the technology. The first aspect of the policy discussed by the IMF board was to provide a law that would help strengthen physical currencies across the countries.

For this to be possible, the board is against countries installing digital assets as their official currencies or making them legal tender. Other aspects discussed include an unchecked flow of capital, tax, and other metrics. The policy paper also talked about the need for countries to grant all regulators in their country the power to work together to regulate and apprehend criminals who try to break the law.

The body wants strict laws enforced

The IMF board also urged countries to ensure they develop strategic partnerships with others as a means to strengthen rules and regulations. This way, there can be agreements and arrangements to apprehend criminals on the loose from one country to another. Although the IMF board highlighted that the asset classes possess high risks, it is sure that once some of these laws are put in place, it will be smooth sailing for investors and countries.

The IMF board also noted that governments could do an outright restriction instead of banning all crypto-related activities. However, these restrictions should be dependent on the areas that need changing. The body also discussed the coordination among regulatory bodies as a yardstick to achieve excellence in regulation. Finally, the body believes it could work as a great thinking leader in analyzing these assets and future law when the time comes.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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