India has mentioned it needs a collective international effort to take care of issues posed by cryptocurrencies akin to bitcoin, and the finance ministry mentioned it had held a seminar for G20 member states to debate the way to give you a standard framework.
Speaking to Reuters on the sidelines of the G20 assembly in Bengaluru, US Treasury Secretary Janet Yellen mentioned it was “critical” to place in place a powerful regulatory framework however added that the United States had not steered 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 mentioned. “We’re working with other governments.”
Earlier, IMF Managing Director Kristalina Georgieva instructed reporters after co-chairing a gathering with Indian Finance Minister Nirmala Sitharaman that banning crypto needs to be an choice.
Indian Prime Minister Narendra Modi’s authorities has for a number of years debated drafting a regulation to manage and even ban cryptocurrencies however has not made a ultimate choice. The Reserve Bank of India has mentioned that cryptocurrencies needs to be banned as they’re akin to a Ponzi scheme.
Discover the tales of your curiosity
On Thursday, the IMF laid out a nine-point motion plan for a way nations ought to deal with crypto belongings, with level primary a plea to not give cryptocurrencies authorized tender standing. Such efforts have grow to be a precedence for authorities, the fund mentioned, after the collapse of various crypto exchanges and belongings during the last couple of years, including that doing nothing was now “untenable”.
Source: economictimes.indiatimes.com