U.S., India Favour Regulating Crypto
The International Monetary Fund and the United States backed a push by Group of 20 (G20) President India to regulate cryptocurrencies on February 25th, as the bloc’s finance chiefs wrapped up two days of talks.
India has stated that it wants a global effort to address the issues raised by cryptocurrencies such as bitcoin, and the finance ministry has stated that it has held a seminar for G20 member countries to discuss how to develop a common framework.
Speaking 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,” Yellen said. “We’re working with other governments.”
Earlier, after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman, IMF Managing Director Kristalina Georgieva told reporters that crypto should be banned.
The government of Indian Prime Minister Narendra Modi has been debating drafting a law to regulate or even ban cryptocurrencies for several years but has yet to make a final decision. The Reserve Bank of India has stated that cryptocurrencies should be prohibited because they resemble a Ponzi scheme.
(With inputs from Shikha Singh)
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