BENGALURU (Reuters) – A push by Group of 20 (G20) president India to manage cryptocurrencies gained help from each the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks.

India has mentioned it desires a collective world effort to take care of issues posed by cryptocurrencies comparable to bitcoin, and the finance ministry mentioned it had held a seminar for G20 member states to debate the right way to give you a standard framework.

Speaking to Reuters on the sidelines of the G20 assembly in Bengaluru, U.S. Treasury Secretary Janet Yellen mentioned it was “critical” to place in place a robust regulatory framework however added that the United States had not advised any outright bans.

“We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework,” Yellen mentioned. “We’re working with other governments.”

Earlier, IMF Managing Director Kristalina Georgieva advised reporters after co-chairing a gathering with Indian Finance Minister Nirmala Sitharaman that banning crypto must be an choice.

Indian Prime Minister Narendra Modi’s authorities has for a number of years debated drafting a legislation to manage and even ban cryptocurrencies however has not made a last resolution. The Reserve Bank of India has mentioned that cryptocurrencies must be banned as they’re akin to a Ponzi scheme.

On Thursday, the IMF laid out a nine-point motion plan for a way international locations ought to deal with crypto belongings, with level primary a plea to not give cryptocurrencies authorized tender standing.

Such efforts have turn into a precedence for authorities, the fund mentioned, after the collapse of quite a few crypto exchanges and belongings over the past couple of years, including that doing nothing was now “untenable”.

(Reporting by Aftab Ahmed, Sarita Chaganti Singh, Shivangi Acharya and Dave Lawder; Writing by Miral Fahmy; Editing by Krishna N. Das)