Calls for a complete ban on cryptocurrencies were made at the G20 meeting

During a meeting of finance ministers and central bankers that ended yesterday in India, U.S. Secretary of State Janet Yellen said that the country is not insisting on a complete ban on cryptocurrencies, but would like to create a solid regulatory platform for the cryptocurrency sector.

Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva spoke in a tougher vein, saying that a ban on the use of crypto assets could well be one of the regulatory options:

«We must urgently take up regulation… and if it fails, if you delay it, then we must consider banning these assets because they can create risks to financial stability.»

Gerogieva also urged journalists to distinguish between two concepts: CBDCs — digital currencies issued by central banks of countries, and stablecoins and cryptocurrencies issued with the participation of commercial companies.

A few days earlier, the IMF proposed its action plan for cryptocurrencies. In it, the fund called on countries to ban cryptocurrencies as legal tender. The plan, outlined in a document titled «Elements of an Effective Crypto Asset Policy,» contains 9 principles that the IMF calls on countries to follow in macrofinancial and regulatory matters, as well as in international cooperation in the cryptocurrency sector.