Kristalina Georgieva shared her opinion on the unclear crypto regulation frameworks in the world and suggested not choosing a path to ban it.
In the present time, under the G-20 presidency, the Indian financial ministry and other financial policy-making agencies are engaged with other countries’ government agencies to bring a better approach to regulate cryptocurrencies, and to prohibit the illegal use of cryptocurrencies like drug dealing, human trafficking, money laundering, etc.
On 25 Feb 2023, The International Monetary Fund (IMF) chief Kristalina Georgieva spoke on cryptocurrency regulation at G-20 India.
The IMF chief said that policymakers need to bring better clarity between Central Bank Digital Currency (CBDC) & Cryptocurrencies, to bring the difference between these two things among citizens.
Further, she noted that cryptocurrencies should not be used as legal tender, as 90 countries don’t consider crypto as legal tender because the price of these cryptocurrencies is highly volatile.
On the crypto ban ideas, the IMF chief said that the Crypto ban is not a preferred option to fight against the illegal use of cryptocurrencies.
According to Kristalina, the cryptocurrency industry needs room to evolve but at the same time, there is a need for perfect policy to regulate it, to ensure User Data protection, Consumer protection from risks, and Transaction transparency.
Around two days ago, many news media reports were pointing out a very negative portion of the G-20 meetings outcome, where some government agencies were suggesting a blanket ban on cryptocurrency use. Indeed, the majority of those news media platforms were seeking huge traffic on their platform with the help of negative news.