India G20 To Regulate Crypto Gains Support By IMF, US

BUSINESS:As the finance chiefs of the group finish two days of talks, India’s attempt to regulate cryptocurrencies received support from the International Monetary Fund and the United States on Saturday.

The finance ministry stated that it had held a seminar for G20 member states to discuss how to come up with a common framework. India has stated that it wants a global collective effort to address issues posed by cryptocurrencies like bitcoin.

US Treasury Secretary Janet Yellen told Reuters on the sidelines of the G20 meeting in Bengaluru that it was “critical” to establish a strong regulatory framework, but that the United States had not suggested any outright bans.

More details: “We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework,” Yellen stated. “Goodbye to the year that broke bitcoin.” Other governments are working with us.”

After co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman, IMF Managing Director Kristalina Georgieva stated to reporters that a crypto ban should be an option.

The government of Indian Prime Minister Narendra Modi has debated drafting a law to regulate or even ban cryptocurrencies for several years without reaching a consensus. According to the Reserve Bank of India, cryptocurrencies should be outlawed because they are similar to Ponzi schemes.

The International Monetary Fund (IMF) released a nine-point plan on Thursday for how nations should treat crypto assets. Point one of the plan calls for not making cryptocurrencies legal tender.

After the collapse of a number of crypto assets and exchanges over the past few years, the fund stated that such efforts have become a priority for authorities and that doing nothing is now “untenable.”