The G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on February 24-25 in Bengaluru, India, concluded with a strong commitment to regulations for the cryptocurrency sector. 

Coinbase, the world’s second largest cryptocurrency exchange by trading volume, said Monday it is suspending trade in the Binance USD (BUSD) as of March 13.

The G20 finance ministers and central bank governors recognize that cryptocurrencies pose major risks to financial stability, monetary systems, and cyber security, India’s central bank governor reportedly said. Crypto regulation was among the key topics discussed during the G20 meeting over the weekend. Reserve Bank of India (RBI) Governor Shaktikanta Das talked about cryptocurrency during a media briefing Saturday following the G20 meeting of finance ministers and central bank governors in Bengaluru. (Bitcoin.com)

U.S. Treasury Secretary Janet Yellen told Reuters after the G20 meeting in India on Saturday that while the U.S. has not indicated any outright bans, it is critical to put in place a strong regulatory framework for the cryptocurrency industry.

The International Monetary Fund would prefer to differentiate and regulate crypto assets rather than enforce an outright ban, though the nuclear option will remain on the table for now. Speaking on the sidelines of the G20 finance ministers meetings in Bengaluru, India, IMF Managing Director Kristalina Georgieva explained how the United Nations financial agency views digital assets and what it would like to see in terms of regulation. “We are very much in favour of regulating the world of digital money,” and this is a top priority, she stated. (Cointelegraph)

The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework, announced on Feb. 25 the group of the 20 biggest economies of the world, collectively known as G20.

Indian Finance Minister Nirmala Sitharaman and U.S. Treasury Secretary Janet Yellen discussed crypto ahead of the G20 summit being held in the tech hub Bangalore.

The discussions are expected to be interesting to watch out given the regulatory scrutiny increasing in recent weeks.

The first Finance Ministers and Central Bank Governors Meeting of G20 under India’s presidency, taking place from February 23 to 25 at Bengaluru, is expected to discuss cryptocurrencies, among other issues, Reuters said in a report. Indian Finance Minister Nirmala Sitharaman, who plays the host, earlier said that the group is exploring if it can collectively regulate cryptocurrencies. Over the past few weeks, crypto regulations have become a burning topic, with US regulators taking a tough stance against some of the services offered by leading companies. (cryptopotato)

A new report from the Financial Stability Board takes aim at the world of decentralized finance (DeFi), adding that the "rapidly evolving" niche "does not differ substantially from traditional finance."