Indian Finance Minister Urges IMF to Lead in Regulating Crypto — Georgieva Says IMF Ready to Work With India – Regulation Bitcoin News

India’s Finance Minister, Nirmala Sitharaman, has urged the International Monetary Fund (IMF) to take a “leading role” in regulating crypto assets. IMF Managing Director Kristalina Georgieva said the global organization stands ready to work with India on climate change, crypto regulation and other global challenges of our time.

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 wide range of topics, including India’s upcoming G20 presidency and cryptocurrency regulation.

According to the Indian Ministry of Finance, Sitharaman and Georgieva discussed the importance of crypto-asset regulation and the need for a “universally coordinated, synchronized approach to the matter.” . In addition, the Indian finance minister called on the IMF to “take a leading role in this matter”.

India's Finance Minister Calls on IMF to Lead in Crypto Regulation - Georgieva Says IMF Ready to Work with India

Sitharaman’s statement echoes her call for a global regulatory framework for cryptocurrencies in due time. meeting with the IMF and World Bank in April. India’s chief financial officer warned of the money laundering and terrorist financing risks affecting all countries, noting that no country can handle these risks alone. She emphasized that crypto assets can only be managed when countries cooperate.

Georgieva tweeted after a meeting with the finance minister on Wednesday, confirming that the IMF is “ready to work” with the Indian finance minister “on climate change, crypto regulation and global challenges different in our time.”

India's Finance Minister Calls on IMF to Lead in Crypto Regulation - Georgieva Says IMF Ready to Work with India

Following her meeting with Sitharaman, Georgieva told CNBC TV18 on Friday that the IMF is working with India on crypto regulation, emphasizing the importance of balancing the pros and cons. The Managing Director of the IMF made it clear:

India’s digital ecosystem is taking steroids as crypto emerges strong without regulation. It’s important to remember that crypto is like the Wild, Wild West.

Georgieva further noted that Indian Prime Minister Narendra Modi has emphasized the advantages of leveraging India’s experience in digitization, adding that a more pragmatic road map can be drawn with goals. clear. “It would be great if India used its leadership to ensure more transparency and ownership of data,” the IMF director concluded.

Do you agree with the finance minister of India that the IMF should take a lead role in regulating cryptocurrencies? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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