The International Monetary Fund (IMF) is currently working on a plan to regulate cryptocurrencies and has recommended against granting them legal tender status. This comes as India, the current G20 president, is pushing for debt restructuring for its South Asian neighbours and for cryptocurrency regulation. IMF Managing Director Kristalina Georgieva said that while there is still some disagreement over debt restructuring, there is a commitment to bridge the differences for the benefit of countries. On the issue of regulating cryptocurrencies, Georgieva said that there should be a strong push for regulation and that banning these assets should not be taken off the table as they may create financial stability risk. The IMF is currently working on a plan to regulate cryptocurrencies and is expected to present it in the upcoming G20 meeting.
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