Arslan Butt
Nirmala Sitharaman, the finance minister of India, has called for the IMF to play “a lead role” in regulating cryptocurrency. Kristalina Georgieva, managing director of the International Monetary Fund, stated that the IMF is prepared to collaborate with India on climate change and crypto-legislation issues.
India Wants the IMF to Regulate Cryptocurrencies
During the last week, India’s finance minister, Nirmala Sitharaman, met with Kristalina Georgieva, the IMF’s managing director and head of the executive board. Both officials discussed various topics, including cryptocurrency regulation and India’s future G20 leadership.
Ms. Kristalina Georgieva @KGeorgieva MD, IMF, @IMFNews met with FM Smt. @nsitharaman in New Delhi, today, to discuss India’s upcoming G20 Presidency and IMF’s support to India for the Presidency. (1/10) pic.twitter.com/CuNDyv28GC
— Ministry of Finance (@FinMinIndia) September 7, 2022
During the meeting, India’s finance minister, Nirmala Sitharaman, asked the International Monetary Fund (IMF) to play a “leading role” in regulating the digital currency.
FM Smt. @nsitharaman and Ms. @KGeorgieva discussed the significance of regulation of crypto assets and the need to have a globally coordinated, synchronized approach on the issue. FM Smt. @nsitharaman urged that the IMF should play a lead role in this regard. (8/10)
— Ministry of Finance (@FinMinIndia) September 7, 2022
According to IMF Managing Director Kristalina Georgieva, the IMF is committed to working with India on climate change, cryptocurrency legislation, and other global issues. India has consistently been at the forefront of advocating for coordinated international action on the issue of crypto asset regulation.
As a result, India recently stepped forward to lead its pilot Central Bank Digital Currency (CBDC) project after the Reserve Bank of India (RBI) asked four public-sector banks to do so ahead of a possible deployment this fiscal year.
IMF chief on India’s Crypto Policy
At a news conference on Wednesday, IMF Managing Director Kristalina Georgieva praised the Indian government’s stance on cryptocurrencies. When asked “what role India can play in improving the world economic situation to preserve the interests of the most vulnerable,” the IMF head responded, “India already plays a very important international role.”
She further said:
“And it is a country that is on the frontline of digital currencies, especially central bank digital currency and how it handles a reduction of risk from crypto assets for the Indian people and businesses.”
India Requests a Regulatory Framework
On Friday, Georgieva stated on CNBC TV18 that the IMF had agreed with India on cryptocurrency regulation after meeting Nirmala Sitharaman, emphasizing the importance of striking a balance between the benefits and drawbacks. Georgieva said that Indian Prime Minister Narendra Modi has noted the benefits of building on India’s experience with digitalization and that a more practical roadmap with distinct objectives may be developed.
“It would be fantastic if India could use its leadership to increase transparency and data ownership.”
Georgieva emphasized that the IMF agrees with India on cryptocurrency legislation.
“India’s digital ecosystem is on steroids as cryptos have emerged strongly without regulations. It is important to remember that cryptos are like the wild wild west,”
ُPreviously, in a meeting with the IMF and World Bank, Sitharaman demanded a global regulatory framework for cryptocurrencies, which she emphasized in her remarks.
In addition, the head of Indian finance warned about the risk of money laundering and financing terrorism, stressing that no nation could manage these concerns independently. Nirmala Sitharaman emphasized that international cooperation is required if countries regulate digital assets.
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This article was written for Business 2 Community by Arslan Butt.
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