The world of finance, business and investment have always represented a long-standing challenge for governments all across the world. Especially in finding the right kind of balance between having policies that are firm enough to protect those getting involved. While also being relaxed enough to not only allow, but also encourage innovation and an incentive for businesses to actually choose your country above others.
But this is the kind of stance that Christine Lagarde, who is just one of the presidential candidates for the International Monetary Fund; as she encourages countries across the world to find that balance between firm, fair and competitive.
This is according to some of her statements back in September 4th, in which she called on central banks and financial institutions to bring in policies which can protect consumers but also open up the way for cryptocurrencies to continue to innovate.
During this longer statement, Lagarde opened up her speech with the following:
”In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognising the wider social benefits from innovation and allowing them space to develop.”
While this amounts to campaign 'promises' from Lagarde, the cryptocurrency community at least knows that one of the IMF's potential candidates has a positive attitude towards their contributions to the industry as a whole.
The International Monetary Fund has the seemingly right idea when it comes to crypto assets and their applications in the world. But for emerging countries with, what we could almost describe as fledgeling economies, the same simply cannot be said, and it's hardly surprising.
We see this with the country of Burundi as the latest example - which has effectively illegalised cryptocurrencies and crypto trading in light of the distinct lack of protection for consumers. This is not exactly a decision made from a political 'ivory tower' mind you. The decision was made due to a number of requests from Burundian citizens to investigate them.
While the announcement simply covered cryptocurrency trading, the statements made by members of the Burundi Central Bank highlight a more extensive ban, or future intent on banning cryptos due to the lack of oversight that exists for them.