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IMF Chairperson Calls for Openness in Making Laws Guiding Cryptocurrency in Europe

The cryptocurrency market seems to be a very promising one, as it is laden with opportunities but this premise may be stifled by tough regulations if meted out on it.

The IMF chairperson, Christine Lagarde has therefore called for open-mindedness in making such laws. She stated this in a recent statement at the Economic and Monetary Affairs Committee of the European Parliament.

Instance with cryptocurrency, she draws out an argument that the long term benefits of cryptocurrency far outweigh its limitations. Lagarde also serves as the presidential nominee for European Central Bank (ECB), She called on the apex bank to carefully consider the benefits and limitations of cryptocurrency.

She was quick to point out the well-known premise that cryptocurrency may support criminal activities and financial instability but this is too minute when compared to its benefits.

She encouraged a methodical approach in the implementation of policies while being targeted towards social welfare would be beneficial to all.

She brings out the proposition of an economic system where the government doesn’t run the private sector directly as it would be beneficial for Blockchain and cryptocurrency-related firms. This is necessary so that the technology would be advantageous to the public.

Because of this, the ECB’s stance to Stablecoins comes to mind. It may, however, seem hostile when an ECB’s executive board member was quick to point out the limitations of the Facebook Stablecoin project.

ECB pointed out the project may tend to decentralization as much is not being achieved as regards stability.

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