India’s Finance Minister Nirmala Sitharaman has urged the International Monetary Fund (IMF) to play a “leading role” in regulating crypto assets. IMF Managing Director Kristalina Georgieva says that the global organization is ready to work with India on climate change, crypto regulation and other global challenges of our times.
India Wants IMF to Lead in Crypto Regulation
Indian Finance Minister Nirmala Sitharaman met Kristalina Georgieva, Managing Director and Chairperson of the Executive Board of the International Monetary Fund (IMF) in New Delhi on Wednesday. The two discussed a range of topics including India’s upcoming G20 Presidency and crypto regulation.
According to India’s Ministry of Finance, Sitharaman and Georgieva discussed the importance of regulating crypto assets and the need for a “globally coordinated, synchronized approach to the issue”. In addition, the Indian Finance Minister urged the IMF to “play a major role in this regard”.
Sitharaman’s statement echoed her call for a global regulatory framework for cryptocurrencies during her meeting with the IMF and the World Bank in April. The Indian finance chief warned of money laundering and terror financing risks affecting all countries, noting that no country can handle these risks alone. He emphasized that crypto assets can be regulated only if countries cooperate.
Georgieva tweeted on Wednesday after meeting with the finance minister, confirming that the IMF is ready to work with the Indian finance minister “on climate change, crypto regulation and other global challenges of our times”.
After her meeting with Sitharaman, Georgieva told CNBC TV18 on Friday that the IMF is aligned with India on crypto regulation, stressing the importance of balancing the pros and cons. The Managing Director of the IMF elaborated:
India’s digital ecosystem is on steroids as cryptocurrencies have emerged firmly without regulations. It’s important to remember that crypto is like the wild, wild west.
Georgieva further said that Indian Prime Minister Narendra Modi has emphasized the benefits of leveraging India’s experience in digitization, adding that a more workable roadmap with clearer deliverables can be worked out. “It will be fantastic if India uses its leadership to ensure greater transparency and data ownership,” the IMF chief concluded.
Do you agree with the Indian Finance Minister that the IMF should take the lead in regulating crypto? Let us know in the comments section below.
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