What to Expect from the Global Framework for cryptos?

[The crypto hustler]

The International Monetary Fund (IMF) recently stated that they prefer to regulate cryptocurrency instead of banning it altogether. This means that they want to make rules to make sure it's safe to use. The IMF believes that stablecoins (which are cryptocurrencies that are backed by a government) are good for the economy, while other cryptocurrencies are risky and not like regular money. The IMF is working on developing policies to protect users and make sure transactions are transparent. They are also working on a set of guidelines for regulating cryptocurrencies that will come out later this year.

India is also working on regulating cryptocurrencies, but some people in India want to ban them altogether. However, India is collaborating with the IMF and the Financial Stability Board to make a document about how to deal with cryptocurrencies. The goal is to have rules that protect consumers and make the industry more predictable. While a complete ban is not the preferred option, it remains a possibility if cryptocurrencies pose too much of a risk to financial stability. With the IMF, FSB, and BIS working together on regulatory guidelines, there is hope for a clear and consistent approach to regulating cryptocurrencies.

Source- coinpedia.org

 

[Shaf]

It would be best to just regulate cryptocurrency because not withstanding it's disadvantages, cryptocurrency has a lot of use to economic activities. The Blockchain specifically can have other uses in other sectors, not only in finances which help make things easier for people.

Those countries that choose to outrightly ban cryptocurrency may have to reverse the ban in the future when it is more widely accepted, and other countries would have gone far ahead by then.

Even China that banned it is gradually coming across with it's recent collaboration with Hong Kong. This should indicate to others that it's best to take decisions wisely.