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India’s push to regulate cryptocurrencies gains support from both the IMF and the United States at G20

As the two days of negotiations between the bloc’s finance ministers come to an end, the International Monetary Fund (IMF) and the United States (US) supported India’s efforts to regulate cryptocurrencies on Saturday.

India has already stated that it wants a coordinated international effort to address issues brought on by cryptocurrencies like bitcoin, and the finance ministry reported holding a meeting for G20 members to discuss how to develop a standard framework.

In an interview with Reuters, U.S. Treasury Secretary Janet Yellen stated that establishing a solid regulatory framework was ‘essential,’ but stressed that the United States has not proposed 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 said. ‘We’re working with other governments.’

Earlier, IMF Managing Director Kristalina Georgieva, after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman, told reporters that banning crypto should be an option.


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