IMF's chief says crypto needs more regulation, but banning should not be taken off the table. cryptocurrency bitcoin G20 G20India
International Monetary Fund Managing Director Kristalina Georgieva says crypto needs “more regulation.” She added, “We should not take off the table banning those assets,” if regulation fails or is too slow to implement.IMF Managing Director Kristalina Georgieva talked about crypto regulation Saturday on the sidelines of G20 meetings for finance ministers and central bank governors under India’s presidency in Bengaluru.
Georgieva explained that the IMF, the Financial Stability Board , and the Bank for International Settlements are committed to establishing a foundation for the regulation of cryptocurrencies that are not issued by governments or central banks. “We have to differentiate between central bank digital currencies [CBDCs] that are backed by the state and stablecoins, and crypto assets that are privately issued,” she stressed.
In addition, the board advised: “Crypto assets should not be granted official currency or legal tender status in order to safeguard monetary sovereignty and stability.” Georgieva similarly said Saturday:The Fund has been against El Salvador accepting bitcoin as
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