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IMF Chief Praises Crypto to Significantly Boost the Value of Bitcoin

The comments resulted in unexpected boost in the value of Bitcoin

Story Highlights

  • e look forward to such positive comments from the influential personnel.
  • Christine calls for bringing virtual currencies under a regulatory control
  • In which, she highlighted the disadvantages of using digital currencies.
  • She stressed for a balanced and "even handed" regulations
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IMF Chief Praises Crypto to Significantly Boost the Value of Bitcoin. Managing Director of International Monetory Fund, Christine Lagarde praises crypto currency in her blog which resulted in an unexpected boost in the value of Bitcoin.

She praised crypto for its fast and inexpensive transactions and its secure underlying blockchain technology and said that it could change the way we save, invest and pay our bills.

The latest blog gives hope to crypto market when it was facing troubles and hardships. Bitcoin’s price witnessed a growth after the hopeful comments of Ms Lagarde.

She stressed for a balanced and “even handed” regulations which will allow the people to take benefits from the digital currency and also minimize the risk of its misuse.

IMF Chief Praises Crypto to Significantly Boost the Value of Bitcoin

 

Understanding the risks that crypto-assets may pose to financial stability is vital if we are to distinguish between real threats and needless fears. That is why we need an even-handed regulatory agenda, one that protects against risks without discouraging innovation. Chirstine Lagarde

 

 

The exact reason behind this growth

There is a confusion about which factor caused this price surge between Christine Lagarde’s comments and the Fatwa declaring Bitcoin trading Halal.

Also read After a FATWA, Bitcoin Witnesses an Explosive Growth of $1000 in just 30 Min (http://informationistan.com/after-a-fatwa-bitcoin-witnesses-an-explosive-growth-of-1000-in-just-30-min/)

Christine Lagarde Previous Blog was Against Crypto

She wrote a blog titled: addressing the dark side of the crypto world, last month. In which, she highlighted the disadvantages of using digital currencies. Her point revolved around the misuse of digital currency to facilitate money laundering, terror financing, purchase of drugs and weapons secretly.

Read Also: Bitcoin, Ethereum and Ripple Surging Solid-Green on the Price Chart

Lagarde Calls for Regulatory Control for Digital Currencies

Digital currencies are called to be the future currencies because of the massive popularity it gained in a short period of time. Seeing its fame and value, Governments of several countries started imposing ban on crypto trading and transactions. Central banks of many countries have also restricted the banks to do transaction with any of exchanges dealing in crypto currencies. Regulatory bodies from majority of the countries have put ban on crypto trading.

All of these issues are the real cause behind the decline of the value of digital coins. Christine calls for bringing virtual currencies under a regulatory control so the currency may flourish and people get the maximum advantage of the technology that it is using.

She further says she said:

“An important initial step will be to reach a consensus within the global regulatory community on the role crypto-assets should play. Because crypto-assets know no boundaries, international cooperation will be essential”

Conclusion

To conclude the debate, we look forward to such positive comments from the influential personnel which will bring balance between the fiat and virtual currencies. The crypto market is so thirsty of such appreciations that it responds suddenly by surging its value. The only help needed to this market is a fair regulatory control from the governments. Once we will see the support from the governments and top financial institutions, it will keep thriving and eventually replace the traditional currencies.

Read Also: Hackers Stole $2M from Cryptocurrency Vlogger Ian Balina Wallet

Tanveer Ahmad

Tanveer Ahmad is an experienced writer with deep insight into a variety of niches. His prominence lies in the detailed attention he puts to unveil the hidden aspects of his subject. His analytical approach to bring to the surface the futuristic possibilities of anything he writes about, especially on cryptocurrencies and politics are commendable. He eagerly wants a space to write about anything that could help humans develop positiveness in their behavior and to fine-tune their thought process to become an ambassador of peace, harmony, and love.

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