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US Treasury Secretary suggests strict crypto regulation, not ban

US Treasury Secretary suggests strict crypto regulation, not ban 7

Janet Yellen shared her opinion on the ongoing strict enforcement action by the US authorities on the crypto companies and noted that the US has no intention to ban cryptocurrencies in the country.

In the present time, Indian government agencies are working at their best to bring the crypto regulation matter to the G-20 meetings. Recently the IMF chief Managing Director Kristalina Georgieva suggested a ban on cryptocurrencies, in case of failures in crypto regulation. Many media reports pointed out Crypto ban suggestions from IMF officials. 

On 25 Feb 2023, United States Treasury Secretary Janet Yellen spoke with Reuters and said that cryptocurrencies need a strong regulatory system and also she confirmed that the US is not planning to ban cryptocurrencies. 

This news will surely bring positive relief in the hearts of all the crypto Investors because recently the IMF chief Managing Director Kristalina suggested the crypto ban idea as an option. 

G-20 meetings & India

In the present time,  the Indian finance ministry is doing its best to bring Global crypto regulation as a top agenda in the G-20 meetings, to prohibit the illegal use of cryptocurrencies. 

Under the G-20 presidency, Indian finance minister Nirmala Sitharaman many times said that a single country can’t regulate the crypto sector because cryptocurrencies are backed by decentralised technology, so there is a need to bring collaboration between all the countries to deal with this sector & ensure the safety of the investors. 

IMF vs El Salvador

As we know, El Salvador is a bitcoin supporter country. In September 2021, the El Salvador government officially released regulatory approval for Bitcoin as a legal tender alongside the US dollar. 

After a visit to El Salvador earlier this month, the IMF agency released its report on El Salvador’s Bitcoin legal tender plan and suggested that they should think again. According to the IMF agency, if El Salvador will not drag its feet back then surely it may face a very big financial stability risk. 

Read also: Digital assets need room to evolve, says IMF Chief

US Treasury Secretary suggests strict crypto regulation, not ban

 

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