IMF warns that no single country can stop cryptocurrency on their own
International Monetary Fund (IMF) has warned that no individual country can stop cryptocurrency on their own.
The IMF stated that regulating cryptocurrency will necessitate nothing less than a determined global effort and a global accord on crypto, which most would argue is still a long way off.
This was disclosed by Gita Gopinath, the IMF’s senior economist speaking during a lecture for the New Delhi-based economics think-tank the National Council of Applied Economic Research.
What the IMF is saying
Gopinath, who will soon take over as the IMF’s deputy managing director, stated that if governments ban crypto, they will have no control over offshore exchanges that are not subject to their country’s legislation, which might lead to them being completely ignored.
she said, “There are challenges to banning it whether you can end up with truly banning crypto because many exchanges are offshore and they are not subject to regulations of a particular country,”
Gopinath also conceded that bans could not be a “passive phenomenon” – and would involve “monitoring, supervision and regulation.”
But she went a step further, adding that what was “actually needed” was a “global effort,” saying:
“No individual country can solve this problem on their own, given how easy it is to do these transactions cross-border. So there is a need for global policy on that front. And I think that’s needed urgently.”
She claimed that crypto adoption was also on the rise in developing nations, where it was creating a new set of financial problems for economic policymakers. The IMF official said:
“It seems to be more attractive to adopt crypto assets and cryptocurrencies in emerging developing economies than in advanced economies. If you look at take up around the world we are certainly seeing that there’s a rapid amount of adoption that’s happening in emerging and developing economies.”
She claimed that such an adoption poses problems because usually emerging and developing economies have exchange rate controls and capital control capital flow measures and that crypto-assets can be ways to evade those kinds of regulations.
Expanding on her thoughts on a ban on crypto, Gopinath said that regulation is absolutely important for this sector and added that if people are using it as an investment class then the same kinds of regulations that you have on security traders and security dealer brokers should also apply to crypto-assets.
Bitcoin crash: what HOLDERs are saying
Generally, there have been mixed reactions online to the price crash, with dedicated stakeholders being more bullish the price will rise noting that there have been further flash crashes, others note that the price could drop even further.
FG says Lagos Marine Bridge rehabilitation is 66% complete
The Federal Government, on Saturday, January 22, revealed that the ongoing rehabilitation works on the Marine Bridge Apapa, Lagos, is at 66% completion stage.
According to NAN, this was made known by the Federal Controller of Works in Lagos State, Mr Olukayode Popoola, during an interview, where he said that the rehabilitation of the bridge was being done in phases.
Popoola said that 24 expansion joints and 120 bearings had been replaced in previous phases adding that the new phase of rehabilitation works that began on Monday, will have 40 additional bearings and 6 expansion joints being replaced.
What the Federal Controller of Works is saying
Popoola during the interview said, “For this particular section that we just closed, we are going to replace 40 bearings and six numbers expansion joints. Previously, we have changed 120 bearings and 24 number expansion joints. The repair is a carryover from last year.
“The contract was awarded in September 2019, and the contractor started work in October, 2019 with the rehabilitation of failed sections of the bridge. The contractor has achieved 66.19 per cent completion and so far.
“Repair works have been carried out on two sections of the bridge with the replacement of 120 bearings, 24 expansion joints and the resurfacing of 610m of asphalt.
“The partial closure of the bridge on Monday is to allow the contractor rehabilitate the damaged section, which will involve the replacement of 40 bearings and six number expansion joints.’’
Popoola explained that the repair works in the new phase would be completed by April 2022.
He appealed to motorists to obey traffic regulations around the construction zone where traffic was partially diverted to avert gridlock.
In case you missed it
Recall that a few days ago, the Lagos State Government announced that it will partially close the Marine Bridge from Monday, January 17 to Saturday, April 2, 2022, for emergency repair works on the infrastructure.
The government stated that the partial closure was to allow the Federal Government carry out routine maintenance works on the bridge infrastructure.
The rehabilitation work on Marine Bridge first began on September 29, 2021, with the diversion of traffic for a period of 12 weeks to allow the Federal Government commence emergency repair works on different sections of the bridge.
... FG says Lagos Marine Bridge rehabilitation is 66% complete Read More on ... Nairametrics.