US Treasury Secretary urges G20 to create strong regulatory framework for cryptocurrencies
Janet Yellen emphasized that U.S. authorities are not proposing an “outright banning of crypto activities“
27.02.2023 - 09:20
270
2 min
0
BENGALURU, Feb 25 (Reuters) - A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks.
India has said it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry said it had held a seminar for G20 member states to discuss 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," Yellen said. "We're working with other governments."
Earlier, IMF Managing Director Kristalina Georgieva told reporters after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman that banning crypto should be an option.
Indian Prime Minister Narendra Modi's government has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme.
On Thursday, the IMF laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies legal tender status.
Such efforts have become a priority for authorities, the fund said, after the collapse of a number of crypto exchanges and assets over the last couple of years, adding that doing nothing was now "untenable".
This material is taken from the website https://www.reuters.com.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$91 582
BTC
+4.33%
-
Ethereum
$3 131.52
ETH
+2.57%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Dogecoin
$0.377096
DOGE
+3.72%
-
Ripple
$0.967924
XRP
+20.58%
-
Cardano
$0.747374
ADA
+26.88%
-
Bitcoin Cash
$435.38
BCH
+4.81%
-
Polkadot
$5.27
DOT
+9.67%
-
Litecoin
$85.88
LTC
+6.58%
-
Stellar XLM
$0.153941
XLM
+16.95%