The chief economist at the International Monetary Fund (IMF) has said that a global effort would be needed to regulate cryptocurrency.
Speaking at a lecture for the National Council of Applied Economic Research, IMF chief economist Gita Gopinath said that it was difficult for any one country to regulate crypto.
Gopinath explained the difficulty in regulating the crypto, saying that many of these crypto exchanges lie offshore and are not subject to the rules and regulations of any one country.
She added that a global effort is required for the crypto industry to be regulated fairly and consistently, saying that no one country alone can solve this problem.
Crypto Regulation
A statement issued by the Council of Financial Regulators has endorsed the Australian Federal Treasurer’s plans to create rules for the cryptocurrency space and has mapped out next steps for getting those rules implemented.
The body that will help helm the new laws consists of the Reserve Bank, the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, and the Australian Treasury.
The changes, which are slated for 2022, include new regulations covering digital currency trading platforms.
Earlier this month, Australian Treasurer, Josh Frydenberg, said regulation was necessary so Australian businesses and consumers weren’t controlled by foreign government and big tech regulation.
Frydenberg’s new regulations have been touted as the biggest overhaul of payments in Australia in 25 years.
Altcoin News
Representatives for Tether (USDT) have praised Myanmar’s shadow government for adopting the stablecoin as an official currency.
Tether released a blog lauding the decision made by The National Unity Government of the Republic (NUG), which is in the process of trying to overthrow the military government who took over in a military coup earlier this year.
The NUG is recognised by the European Union and is led by Nobel Prize winner, Aung San Suu Kyi.
Tether’s blog post said The NUG’s decision to adopt USDT is an important moment which goes beyond crypto’s ability to provide financial stability and points towards the strength of the US dollar and its ability to give confidence to nations who have no confidence in their government.
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Note: this is the past 24 hours from 12:30pm AEST
Source: Coinmarketcap.com, based on top 100 cryptos.
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