- Finance Minister Nirmala Sitharaman had a virtual meeting with the IMF MD Kristalina Georgieva.
- They conversed about the need for a globally coordinated approach to the regulation of crypto assets.
- IMF MD appreciated India for its leading position in the digital space.
During a virtual conversation with Kristalina Georgieva, held on February 9, the Managing Director of the International Monetary Fund (IMF), Finance Minister Nirmala Sitharaman, proposed to the multilateral funding agency to introduce a globally coordinated approach to the regulation of crypto assets.
Notably, the Finance Minister and the IMF Chief discussed the role of the IMF and other significant international organizations in creating a set of crypto regulations applicable on a universal scale.
In addition, the Finance Minister and IMF MD conversed about the upcoming G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, scheduled to be held at the end of February in Bengaluru.
Earlier this month, Ms. Sitharaman commented on the efforts made by the country to advocate more crypto regulations:
Whilst recognizing the central bank as the authority for issuing cryptocurrency, the rest of the assets which are being created outside which are using very useful financial technologies, even those will have to be discussed because regulation cannot be done by any one country singularly, it has to be a collective action because technology doesn’t group any borders.
Meanwhile, the IMF MD appreciated India for the country’s incredible economic performance even under rigid and challenging conditions. Also, the country was praised for its leading position in the digitalization of the economy, especially in the digital space.
Significantly, Ms. Sitharaman expressed her gratitude for IMF’s support to the G20 Indian Presidency in various fields under the G20 FinanceTrack.
Interestingly, the meeting itself proved a platform to discuss various matters including the need for supporting the vulnerable categories through the leadership of G20 nations.
Additionally, Ms. Sitharaman talked about the necessity to provide essentials to all individuals equally. She requested the IMF to support the Indian Presidency by providing technical analysis to develop evidence-based policy guidance on the issue.