India’s finance minister, Nirmala Sitharaman, has urged the International Monetary Fund (IMF) to take “a lead role” in regulating crypto assets. Kristalina Georgieva, IMF’s Managing Director, says that the organization is ready to collaborate with India in addressing climate change and crypto regulation as well as other pressing global issues of today.
India wants the IMF to lead in crypto regulation
Nirmala Sitharaman (Indian Finance Minister) met Kristalina Georgiaieva, managing director and chairman on the executive board at the International Monetary Fund. The two discussed a wide range of topics, including India’s upcoming G20 presidency and crypto regulation.
According to India’s Ministry of Finance, Sitharaman and Georgieva discussed the significance of regulating crypto assets and the need to have a “globally coordinated, synchronized approach to the issue.” In addition, the Indian finance minister urged the IMF to “play a lead role in this regard.”
Sitharaman’s statement echoed her call for a global regulatory framework for cryptocurrencies during a meeting with the IMF and World Bank in April. Indian finance chief, Sitharaman, warned about money laundering risks and terror financing threats that could impact all countries. However she noted that none country can handle these risks. Her emphasis was on the fact that crypto assets can only be controlled when all countries work together.
Georgieva tweeted after the meeting with the finance minister Wednesday, confirming that the IMF “stands ready to work” with the Indian finance minister “on climate change, crypto regulation and other global challenges of our times.”
Georgieva spoke out Friday to CNBC TV18 after her meeting with Sitharaman. Georgieva said that India is now part of the IMF’s crypto regulatory alliance, and stressed the importance in balancing both the pro-and con aspects. The IMF managing Director elaborated further:
India’s digital ecosystem is on steroids as cryptos have emerged strongly without regulations. Remember that cryptos have a wild and free spirit.
Georgieva further noted that Indian Prime Minister Narendra Modi has put an emphasis on the advantages of leveraging India’s experience in digitization, adding that a more pragmatic roadmap can be worked out with clear deliverables. “It would be fantastic if India uses its leadership to ensure more transparency and data ownership,” the IMF chief concluded.
Are you in agreement with the Indian finance Minister that the IMF should lead the regulation of crypto? Comment below.
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