The IMF and the U.S. Support India's Plan to Coordinate Global Crypto Regulation at G20
26 Feb 2023 05:07 AM
By Ruholamin Haqshanas | @ruholamin-haqshanas
The International Monetary Fund and the United States have shown support for India's plan to coordinate global crypto regulation during the recent G20 meeting.
India, which currently holds the G20 presidency, has been pushing for a collective global effort to regulate the nascent digital asset industry and mitigate its potential risks.
During the latest G20 meeting, which ended on Saturday, the country's finance minister held a seminar for member states to share their concerns regarding the risks of cryptocurrencies while discussing how to come up with a common framework.
Speaking to Reuters on the sidelines of the G20 meeting in Bengaluru, U.S. Treasury Secretary Janet Yellen said it was "critical" to put in place a strong regulatory framework but added that the United States had not suggested any outright bans.
"We haven't suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework. We're working with other governments."
However, the IMF was not that amiable. The organization's Managing Director Kristalina Georgieva told reporters after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman that banning crypto should be an option.
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