{"id":259225,"date":"2023-09-08T20:30:37","date_gmt":"2023-09-08T15:00:37","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=259225"},"modified":"2023-10-08T12:21:50","modified_gmt":"2023-10-08T06:51:50","slug":"a-blanket-ban-on-crypto-hard-to-implement-report","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/a-blanket-ban-on-crypto-hard-to-implement-report\/","title":{"rendered":"A blanket ban on crypto hard to implement: Report"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article <\/span>\u201cA blanket ban on crypto hard to implement: Report\u201d <\/b>published in <\/span>Livemint on 8th September 2023<\/b><\/p>\n

What is the News?<\/b><\/h2>\n

The International Monetary Fund(IMF) and the Financial Stability Board (FSB) have released advanced policy and regulatory recommendations to identify and respond to macroeconomic and financial stability risks associated with crypto assets.\u00a0<\/span><\/p>\n

What are the risks presented by crypto-assets?<\/b><\/h2>\n

The report noted that crypto-assets pose risks to macroeconomic and financial stability as well as risks involving financial integrity, consumer and investor protection and market integrity.\u00a0<\/span><\/p>\n

In some instances, these risks are exacerbated by noncompliance with existing laws.<\/span><\/p>\n

Can we completely ban crypto assets?<\/b><\/h2>\n

\"\"<\/p>\n

Source: Business Standard<\/p>\n

Blanket bans that make all crypto-asset activities \u2014 trading and mining \u2014 illegal can be costly and technically demanding to enforce.<\/span><\/p>\n

This is because blanket bans tend to increase the incentives for circumvention due to the inherent borderless nature of crypto-assets, resulting in potentially heightened financial integrity risks and creating inefficiencies.\u00a0<\/span><\/p>\n

Moreover, ban in one jurisdiction could also lead to activity migrating to other jurisdictions, creating spillover risks.\u00a0<\/span><\/p>\n

Hence,<\/span> instead of banning crypto assets we can take other measures such as:<\/b><\/p>\n

\u2013 Comprehensive policy and regulatory response for crypto-assets to address the risks of crypto-assets to macroeconomic and financial stability.\u00a0<\/span><\/p>\n

\u2013 Targeted restrictions such as crypto taxation to address risks.<\/span><\/p>\n

\u2013 Monitor crypto\u2019s impact on the International Monetary System.<\/span><\/p>\n

\u2013 To curb misuse of these assets, countries should implement the Financial Action Task Force (FATF) anti-money laundering and counter-terrorist financing standards that apply to virtual assets and virtual asset service providers.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cA blanket ban on crypto hard to implement: Report\u201d published in Livemint on 8th September 2023 What is the News? The International Monetary Fund(IMF) and the Financial Stability Board (FSB) have released advanced policy and regulatory recommendations to identify and respond to macroeconomic and financial stability risks… Continue reading A blanket ban on crypto hard to implement: Report<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[11872,10501],"class_list":["post-259225","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-9pm-daily-factly","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/259225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=259225"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/259225\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=259225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=259225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=259225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}