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Banning private cryptocurrencies should be an option, IMF head says

There are some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday on the sidelines of a G20 meeting, adding that banning private cryptocurrencies should be an option.

Apart from restructuring debt, regulating cryptocurrencies is said to be another priority area for India which now holds the G20 presidency.

“We have to differentiate between central bank digital currencies that are backed by the state and stablecoins, and crypto assets that are privately issued,” IMF Managing Director Kristalina Georgieva said, agreeing with the issue.

“There has to be a 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,” she added.

CNBCTV18Live: #G20 members express concerns about lack of governance structures around crypto universe. Indian #G20Presidency has proposed a joint technical paper by #IMF and Financial Stability Board (FSB) which would synthesize macro economic and regul…

— G Shanmugaraja (@singamshanmuga) February 25, 2023

Indian government representatives from the Reserve Bank of India, as well as from the Finance Ministry, have suggested that, despite the need for strict international laws for private crypto assets, their outright ban should be an option in some circumstances.

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