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Yellen Discusses Importance of Strong Crypto Regulation at G20

Secretary of the Treasury Janet Yellen spoke on the importance of a strong regulatory framework for cryptocurrencies at the G20 meeting on Feb. 25. Yellen said that the U.S. was not proposing a ban on crypto activities and emphasized the need for regulation.

Janet Yellen, Secretary of the Treasury
Janet Yellen, Secretary of the Treasury

IMF Managing Director Supports Option of Banning Crypto

International Monetary Fund (IMF) Managing Director Kristalina Georgieva noted that banning crypto should be an option if regulation fails. She also emphasized the need to differentiate central bank digital currencies from stablecoins and cryptocurrencies issued by private companies.

G20 Addresses Financial Stability and Regulatory Priorities

At the first G20 meeting under India's presidency, the finance ministers and central bank governors addressed key financial stability and regulatory priorities. India's Finance Minister, Nirmala Sitharaman, called for a coordinated global policy for crypto assets. The IMF released an action plan on crypto assets, urging countries to abolish legal tender status for cryptocurrencies.

IMF Suggests Salvador Reconsider Bitcoin Exposure

The IMF recently suggested that El Salvador reconsider its plans to increase exposure to Bitcoin, citing risks to fiscal sustainability, consumer protection, and financial stability. The IMF published nine policy principles for effective crypto asset policies.