Janet Yellen, the Treasury Secretary of the United States, recently stressed the importance of creating a strong regulatory framework for all cryptocurrencies during a meeting of the G20 nations on the 25th of February. In an interview with Reuters, Yellen stated that it was absolutely necessary to create in place a strong, regulatory framework.
She further noted that the country was not actually suggesting an outright banning of crypto activities. The remarks of the Treasury Secretary followed a couple of remarks that were made by Kristalina Georgieva, the managing director of the International Monetary Fund, who stated that banning cryptocurrencies should be a viable option.
Janet Yellen Has Remarked That Cryptocurrencies Need To Be Regulated
Along with Janet Yellen, Georgieva also pointed out that it was absolutely necessary to differentiate the stablecoins and cryptocurrencies from central bank digital currencies- which were issued by private companies. The first group of finance ministers and governors of central banks who met under the Indian presidency went on to address certain key regulatory and financial stability priorities.
The Finance Minister of the country, Nirmala Sitharaman, called out for a coordinated policy on a global scale to address the macro-financial implications that crypto assets posited on the governments. The Finance Minister, as it is pretty well-documented, has historically supported being in operation with other jurisdictions in order to develop crypto regulations.
Janet Yellen’s remarks closely follow the release of an action plan by the IMF, which urged countries to start abolishing all forms of legal tender status for cryptocurrencies. The paper, published on the 23rd of February, went on to outline a framework of nine separate policy principles.
