10 September 2022
India’s finance minister, Nirmala Sitharaman, has urged the International Monetary Fund (IMF) to take “a lead role” in regulating crypto assets. IMF Managing Director Kristalina Georgieva says the global organization stands ready to work with India on climate change, crypto regulation, and other global challenges of our times.
Indian Finance Minister Nirmala Sitharaman met with Kristalina Georgieva, the managing director and chairman 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 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. The Indian finance chief warned of money laundering and terror financing risks affecting all countries, noting that no country could handle these risks alone. She emphasized that crypto assets could only be regulated when countries collaborate.
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.”
Following her meeting with Sitharaman, Georgieva told CNBC TV18 Friday that the IMF is aligned with India on crypto regulation, stressing the importance of balancing the pros and cons. The IMF managing director elaborated:
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.
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.
Do you agree with the Indian finance minister that the IMF should take a lead role in regulating crypto? Let us know in the comments section below.
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