Crypto bans aren't ideal, but can't be ruled out, IMFNews said today. jackschickler reports
The board – 24 directors elected by the IMF’s member countries – earlier this month had been presented with a staff paper that warned of the, tax collection, financial stability and consumer protection.
“Directors generally agreed that crypto assets should not be granted official currency or legal tender status in order to safeguard monetary sovereignty and stability,” the statement said, calling for countries to clarify tax treatment and align with global standards. “Directors agreed that strict bans are not the first-best option, but that targeted restrictions could apply” to limit crypto risks, though some board members think “outright bans should not be ruled out,” the statement continued.
Regulations shouldn’t stifle innovation, and governments can benefit from the underlying digital technology, the statement added.
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