Janet Yellen the treasury secretary demands to strengthen the crypto regulatory framework

Janet Yellen the Treasury secretary of the United States demanded in the G20 meeting to strengthen the crypto regulatory framework. Also, She has strictly emphasized monitoring crypto activities.

Earlier the managing director of the international monetary Fund (IMF), Kristalina Georgieva, shared her view on taking into account the banning of crypto:

“There has to be very strong push for regulation… if regulation fails, if you’re slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk.“

Moreover, Georgia also stressed that there must be a discriminatory line between the central bank digital currencies (CBDC) and the currency made by private companies; cryptocurrency and stablecoins.

Janet Yellen’s remarks on crypto were quite similar to the MD IMF however she stated that she is not asking for an outright ban on crypto. While speaking to Reuters she did express her concerns that it’s, “critical to put in place a strong regulatory framework”.

The Finance minister of India Nirmala Sitharaman has been working on creating proper and effective policies for regulating crypto assets while working in conjunction with other jurisdictions. The crypto debate has been going on in India for several years now amidst all that Sitharaman has called out for a coordinated policy to address crypto’s macroeconomic implications.

Even IMF release a policy framework recently to ban crypto as a legal tender. The policy “Elements of Effective Policies for Crypto Assets,” clearly highlight a nine-policy principle framework that takes into account macro-financial, legal, and regulatory issues, as well as international coordination.

Moreover, after learning about El Salvador’s perspective earlier this month, they even recommended limiting the exposure to Bitcoin, adding that cryptocurrency poses a risk to El Salvador’s fiscal sustainability, consumer protection, and financial integrity and stability.