Cryptocurrency Regulation
The head of United States Securities and Exchange Commission (SEC) has noted that the US has no plan to ban cryptocurrency. This is coming when the United States Chairman of the Federal Reserve told the House Financial Services Committee last month that the Fed will never ban crypto. Those comments are great in the crypto world - and coins are rallying.
Meanwhile, the US government is ramping up enforcement in the industry: “Our national cryptocurrency enforcement team will be launched today. The team has shown that it will never hesitate to go after cryptocurrency platforms that are used to launder or hide criminal proceeds. This is a crowded and aggressive threat landscape.”
As that happens, IMF is recommending “fair regulation of digital currencies and de-dollarization policies, which will help countries protect themselves against macro-financial risks.” In addition to the implementation of CBDCs, the IMF also suggests “proportionate regulatory measures based on risk.”
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The IMF announced in July 2021 that it would “step up” its monitoring of digital currencies. An IMF report from several years ago said payments would become cheaper, faster, easier, and more accessible as a result of the adoption of digital assets. Improvements in these areas would have substantial positive impacts overall.