Speaking at the G20 summit, US Treasury Secretary Janet Yellen once again expressed that the crypto money market should be regulated. Some institutions are recommending that it be banned altogether. Here are the details…
US wants strong cryptocurrency framework
India’s move to regulate cryptocurrencies, discussed at the G20 summit, garnered support from both the International Monetary Fund and the United States on Saturday as talks concluded. India said it wanted a collective global effort to tackle the problems posed by cryptocurrencies like Bitcoin. The country expects to take steps in this regard by July 2023.
US Treasury Secretary Janet Yellen said on the sidelines of the G20 meeting in Bengaluru that putting in place a strong regulatory framework is “critical” but the US has not proposed any outright bans.
Yellen further stated that they are working with other countries on the crypto framework:
We did not recommend a complete ban on crypto activities, but establishing a strong regulatory framework is critical. We work with other governments.
IMF officials want stricter rules
Earlier, IMF Managing Director Kristalina Georgieva said banning cryptocurrencies should be an option after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman.
The government of Indian Prime Minister Narendra Modi has discussed drafting a law to regulate or even ban cryptocurrencies for several years, but has not made a final decision. The Reserve Bank of India said that cryptos should be banned because they resemble the Ponzi scheme.
On Thursday, the IMF laid out a nine-point action plan on how countries should treat cryptocurrencies. The first point was that cryptocurrencies were banned from becoming legal money.
The fund added that after the collapse of a number of crypto exchanges and altcoin projects over the past few years, such efforts have become a priority for authorities and doing nothing is now “untenable”.
India announces IMF is working with G-20 on cryptocurrency regulations
In February, the country officially unveiled details of the ongoing work on how to regulate cryptocurrency for the first time since taking over the G-20 presidency. Ajay Seth, secretary of the Department of Economic Affairs, said the IMF is working on an article in consultation with India that will focus on “aspects of monetary policy and policy approach to cryptocurrencies.”
When asked how a country can tax something that he does not consider to be legal, the Indian Finance Minister replied, “I do not expect regulation to be made to tax people who make profits.”
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