• Skip to main content
  • Skip to primary sidebar

Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

  • Tokenomics is not Economics – Digital CX -The Digital Transformation
  • Resume / CV – Michael Noel
  • Contact Us
  • Featured
You are here: Home / Blockchain / IMF Urges Countries to Consider Banning Cryptocurrencies

Feb 28 2023

IMF Urges Countries to Consider Banning Cryptocurrencies

During a meeting of the Group of Twenty (G20) that took place on February 25, United States Treasury Secretary Janet Yellen emphasized how important it was to develop a robust regulatory framework for cryptocurrencies.

Yellen stated it was “essential to put in place a solid regulatory framework” while she was speaking to Reuters. In addition to this, she emphasized that the United States is not advocating for a “absolute prohibition on crypto activity.”

Yellen’s comments follow earlier ones made by the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, who stated that prohibiting cryptocurrencies should be an option: “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.” Yellen’s comments follow Georgieva’s earlier statements.

In addition, Georgieva emphasized to the media that it is essential to distinguish between stablecoins and cryptocurrencies, which are issued by private enterprises, and central bank digital currencies (CBDCs), which are issued by central banks.

Nirmala Sitharaman, who serves as India’s Minister of Finance, has advocated for a unified approach to be taken at the international level to deal with the widespread economic effects of crypto assets. Throughout her time in office, Sitharaman has been a proponent of developing cryptocurrency legislation in collaboration with other governments. For a number of years, the government of India has been debating whether cryptocurrencies should be regulated or outright prohibited.

The International Monetary Fund (IMF) on February 23 issued a plan of action on crypto assets, in which it urged governments to remove cryptocurrencies from their status as legal cash. A framework of nine policy principles that addresses macrofinancial, legal and regulatory, and international coordination challenges was detailed in the study that was named “Elements of Effective Policies for Crypto Assets.”

Following a visit to El Salvador earlier this month, the International Monetary Fund (IMF) made a recommendation to the nation that it reconsider its plans to increase its exposure to Bitcoin. The IMF made this recommendation citing the risk that cryptocurrencies pose to El Salvador’s ability to maintain its fiscal sustainability, protect its consumers, and maintain its financial integrity and stability.

[mailpoet_form id="1"]

IMF Urges Countries to Consider Banning Cryptocurrencies Republished from Source https://blockchain.news/news/imf-urges-countries-to-consider-banning-cryptocurrencies via https://blockchain.news/RSS/

Written by bizbuildermike · Categorized: Blockchain · Tagged: blockchain

Primary Sidebar

https://youtu.be/Qvad1CQ9WOM

Blockchain Weekly Rebooted –

During the Blockchain Spring 2016 to 2020 I hosted Blockchain Weekly. Each week I interviewed someone who was doing interesting things in the blockchain space. At one time we had 29k subscribers and we were consistently getting over 15k views a week on the channel. All of that went away during the lockdown, including the Gmail address that controlled that channel. Recently, I found some of the original videos on some old hard drives. So I’m reposting a few of the relevant ones while I am starting to shoot new Blockchain Weekly Episodes to be aired 1st quarter 2023. Please subscribe to bless the You Tube Algorithm, and allow me to let you know about any updates! Our Sponsor – https://BlockchainConsultants.io

The Utah State Legislature has approved a new law, the Utah Decentralized Autonomous Organizations Act, providing legal recognition and limited liability to decentralized autonomous organizations (DAOs). This legislation, also known as the “Utah LLDs,” was passed after the combined efforts of the Digital Innovation Taskforce and the Utah Blockchain Legislature. The Utah DAO Act defines […]

Search Here

Market Insights

  • FTX Founder Allegedly Sought Federal Regulation Before Collapse
  • DeFi Hack Linked to North Korea
  • US Banking Crisis Fuels Regulation Debate
  • HSBC approves multi-million-pound bonuses for Silicon Valley Bank UK staff
  • Swiss regulators consider UBS takeover of Credit Suisse to prevent collapse
  • Mid-Size Banks Ask for Deposit Insurance Extension
  • Former Coinbase CTO Bets $1 Million on Bitcoin Reaching $1 Million in 90 Days
  • Binance Responds to U.S. Senators Letter, Excludes Financial Data
  • Crypto Entrepreneur Bail Package Revised
  • DeFi Hacker Returns $5.4M to Euler Finance

Tags

Advanced materials (1) AI (259) andrewchen (4) Biz Builder Mike (28) Blockchain (834) Crowd Funding (69) crowdfundinsider (2) entrepreneur (969) eonetwork (43) Front Page Featured (33) MIT AI (89) startupmindset (146) Technology (676) virtual reality (1) youngupstarts (100)
  • Twitter
  • Facebook
  • About Us
  • LinkedIn
  • ANTI-SPAM POLICY
  • Google+
  • API Terms and Conditions
  • RSS
  • Archive Page
  • Biz Builder Mike is all about New World Marketing
  • Cryptocurrency Exchange
  • Digital Millennium Copyright Act (DMCA) Notice
  • DMCA Safe Harbor Explained: Why Your Website Needs a DMCA/Copyright Policy
  • Marketing? Well, how hard can that be?
  • Michael Noel
  • Michael Noel CBP
  • Noels Law of decentralization

Copyright © 2023 · Altitude Pro on Genesis Framework · WordPress · Log in