India’s Finance Minister Nirmala Sitharaman urged the International Monetary Fund (IMF) to play a “leading role” in regulating crypto assets.IMF Managing Director Kristalina Georgieva said the global organization is ready to work with India on climate change, crypto regulation, and other global issues of our time.
India wants the IMF to lead on crypto regulation
Indian Finance Minister Nirmala Sitharaman met with Kristalina Georgieva, Managing Director and Chair 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 cryptography regulations.
According to the Indian Ministry of Finance, Sitharaman and Georgieva discussed the implications of regulating crypto assets and the need to have a “globally coordinated and synchronized approach to this issue.” In addition, the Indian finance minister urged the IMF to “take a leading role in this regard.”
Sitaraman’s statement reflects his April meeting with the IMF and World Bank in which he called for a global regulatory framework for cryptocurrencies. The Indian finance secretary 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 regulated if countries work together.
Georgieva tweeted Wednesday after her meeting with the finance minister, confirming that the IMF is ready to work with India’s finance minister “on climate change, crypto regulation and other contemporary global challenges.”
After meeting with Sitharaman, Georgieva told CNBC TV18 Friday that the IMF is aligned with India on crypto regulation and the importance of balancing the pros and cons The IMF Managing Director elaborated.
India’s digital ecosystem is on steroids as crypto has emerged strong without regulation. It is important to remember that crypto is like the Wild, Wild West.
Georgieva further noted that Indian Prime Minister Narendra Modi has focused on the benefits of leveraging India’s experience in digitization, adding that a more realistic roadmap can be worked out with clear deliverables. The IMF chief concluded, “It would be great if India could show its leadership and ensure greater transparency and ownership of data.”
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