- 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
[dropcap]I[/dropcap]MF 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 (https://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.
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:
[box type=”info” align=”” class=”” width=””]”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”[/box]
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.