• Treasury Secretary Janet Yellen calls for a “strong regulatory framework” for crypto activities during the G20 meeting.
• The US has refrained from pushing for an outright ban on crypto activities.
• IMF managing director Kristalina Georgieva suggested that banning crypto should be an option if regulation fails.
Treasury Secretary Calls For Regulatory Framework
U.S. Treasury Secretary Janet Yellen called for a strong regulatory framework for cryptocurrencies during a G20 meeting on Feb. 25th, stressing the importance of implementing such measures to ensure financial stability and prevent risks associated with digital assets. She also noted that the United States is not suggesting an „outright banning of crypto activities.“
IMF Managing Director Suggests Banning Crypto
International Monetary Fund (IMF) managing director Kristalina Georgieva also spoke out about the need to regulate digital assets, stating that banning crypto should be an option if regulation fails due to slow implementation or lack thereof. She also pointed out the distinction between central bank digital currencies (CBDCs) and private stablecoins/cryptocurrencies issued by companies.
First G20 Meeting Under India’s Presidency
The first G20 finance ministers and central bank governors meeting under India’s presidency addressed key financial stability and regulatory priorities related to the macro-financial implications of cryptocurrency assets, as reported by Cointelegraph. India’s Finance Minister, Nirmala Sitharaman, called for a coordinated global policy to address these issues accordingly.
US Not Pushing For Outright Ban On Crypto Activities
Despite earlier remarks from IMF Managing Director Kristalina Georgieva regarding potential bans on cryptocurrency activities, U.S Treasury Secretary Janet Yellen clarified that the United States is not advocating for any type of blanket ban on cryptos or related operations within its jurisdiction at this time, instead opting to focus on strengthening existing regulations in place rather than completely prohibiting them altogether.
G20 Addresses Financial Stability And Regulatory Priorities
The G20 countries discussed various topics including financial stability and regulatory measures surrounding blockchain technology and digital assets at large during their meeting under India’s presidency this February 2021. They aimed at finding ways in which they could coordinate policies together in order to more effectively address any potential risks posed by cryptocurrencies worldwide while still allowing room for innovation within this space as well