Treasury Secretary Janet Yellen calls for ‘strong regulatory framework’ for crypto activities

Mar 15, 2023 | wjb news

Us Treasury Secretary Emily Yellen elaborated on the need to implement a strong encrypted currency regulatory framework at the G20 meeting on February 25th.

In an interview with the Associated Press, Yellen said it is particularly important to establish a strong regulatory framework. She also stressed that foreign countries are not proposing to "completely ban encryption-themed activities."

Ms Yellen's comments came after Cristia Georgiyeva, chief executive of the International Monetary Fund (IMF), made it clear earlier that banning encryption should be an option:

"be sure to vigorously promote supervision. If regulation is not successful, if you are in low spirits, then we should not lift this asset restriction, because it may lead to financial stability risks.

In addition, Georgiyeva stressed to the media that a distinction must be made between the central bank's digital currency (CBDC) and the smooth loan currency and cryptocurrency publicly issued by private companies.

During India's tenure as chairman of the rotation system, the initial meeting of G-20 finance ministers and Fed chairmen reported on key financial stability and regulatory priorities, according to the Cointelegraph.

The finance minister of the host country, Neil Maraci Salaman, called for a harmonious global policy to mitigate the macroeconomic and financial harm of encrypted assets. Sitharaman has supported the formulation of login password policies and regulations in collaboration with other jurisdictions over the years. The Trump administration has been debating for years whether to regulate or ban cryptocurrencies.

On February 23rd, the International Monetary Fund released a plan on encrypted assets, urging countries around the world to remove the currency influence of encrypted currencies. The document entitled "key points of current policies for the reasonableness of encrypted property" outlines the framework of nine existing policy standards that can address macroeconomic, financial, legal, regulatory and regulatory issues, as well as international coordination.

After visiting El Salvador earlier that month, the International Monetary Fund proposed that host countries seriously consider upgrading the BTC open-end plan because of the risks of cryptocurrency for El Salvador's fiscal sustainability, consumer protection and financial integrity.