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GLOBAL FINANCIAL INSTITUTIONS WANT TO REGULATE CRYPTOCURRENCIES



 Union Finance Minister Nirmala Sitharaman called for a unified & global digital asset regulation strategy last Wednesday at a meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).


She also encouraged the IMF to take the initiative to regulate cryptocurrencies in a timely manner and take them seriously.

In a new report released Thursday, the White House's so-called Science and Technology Policy Office urged the United States to conduct additional and more intensive research into the energy impact of cryptocurrency mining and outline industry standards accordingly. A clear sign should be set.


According to a White House estimate, crypto mining in the US uses as much energy as all home computers combined or all household lighting. The investigation comes amid growing concerns about the amount of energy being consumed by cryptocurrency mining companies. With regard to crypto mining and the resulting energy costs, there are always a wide variety of theses.


In order to generate new tokens and validate transactions, the so-called mining of cryptocurrencies requires a network of powerful computers in order to be able to solve complex mathematical equations.

On Thursday, Federal Reserve Chair Jerome Powell called for a stablecoin law for the future, speaking at a conference hosted by the Cato Institute, a monetary think tank.


Powell said at the conference:


We don't want to stand in the way of appropriate innovation. We think something like this that pretends to be money needs to be properly regulated. I think regulation is needed. If people think of something as money, it must also have the properties of money. I don't think you should just make another consumer product out of money.

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