During the most recent G20 summit, the International Monetary Fund and the United States expressed support for India’s proposal to coordinate worldwide crypto regulation.
The G20 presidency is presently held by India, which has advocated for a coordinated international effort to regulate the developing digital asset market and reduce its potential hazards. India’s finance minister organized a seminar for member delegates to convey their worries about the risks of crypto regulation while conversing about how to come up with a common framework during the most recent G20 conference, which ended on Saturday.
Digital assets have long been the target of scathing criticism from the Reserve Bank of India (RBI), which claims that the emerging asset class lacks any intrinsic value. The central bank has often advised the government and investors to avoid cryptocurrencies due to volatility and the possibility of fraud and scams. The Indian government has pondered crafting a law for crypto regulation despite pleas from the central bank to outlaw them. The Indian government stated in July of last year that any effective regulation or prohibition of cryptocurrencies would require international cooperation.
U.S. Treasury Secretary Janet Yellen told Reuters on the sidelines of the G20 summit in Bengaluru that establishing a robust crypto regulation framework was “essential” but noted that the United States does not sick an outright ban.
Source: https://cointelegraph.com/news/imf-to-prefer-regulating-crypto-than-banning-it-outright-report
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