Mrs. Sitharaman, Finance Minster of India, has requested IMF to lead in regulating crypto assets in India. In reply, Ms. Georgieva, IMF managing director, said they are happy to collaborate with India and help them regulate crypto assets and overcome other upcoming challenges.
IMF to assist India in regulating crypto
Last Wednesday, Smt. Sitharaman met with the IMF’s managing director in Delhi, Mrs. Kristalina, where they discussed various important topics, including regulating crypto coins, India’s upcoming G20 presidency, and many others.
The reports say they mainly discussed the importance of regulating crypto assets and how beneficial it can be to have a globally synchronized and coordinated approach to this problem. Besides that, Mrs. Sitharaman urged Ms. Georgieva to take part in regulating crypto assets in India.
In April, during a meeting between Sitharaman, IMF, and the World Bank, Sitharaman’s statement revised her call for the need for a single framework for regulating crypto assets all over the world. Also, the Indian Finance Chief warned about money laundering and terror financing, which is affecting the whole world, noting that no country in the world can handle all these things alone. She also said that crypto assets could safely be regulated when all the countries collaborate with each other.
Ms. Goergieve on taking a lead role in crypto regulation in India
After Goergieve met with Smt. Sitharaman tweeted to confirm the IMF has agreed to work with India on various important topics such as regulation of crypto and other upcoming challenges. It will be very good for India and will help them to avoid any type of misuse of crypto in the country.
During an interview with CNBC Tv18, she talked about the alignment of IMF with India on regulating different crypto coins, focusing on the significance of balancing out the positive as well as negatives of these assets and elaborated that India’s crypto ecosystem is on steroid because the digital assets have emerged strongly without any regulator framework. She further said that India’s PM stressed the advantage of leveraging the experience of India in digitization.
What are your thoughts on the statements of Ms. Goergieve about India and its current condition? Do you think IMF will be able to regulate crypto assets in India? Let us know in the comment below. And, if you found our content informative, do share it with your family and friends.