IMF Has Been Asked to Spearhead Cryptocurrency Regulations.
India's Finance Minister Nirmala Sitharaman has asked the IMF to take the lead in governing digital currencies and tokens internationally. The minister met with the organization's managing director, Kristalina Georgieva, to ask for the organization's help in getting India involved.
According to a statement released by the Finance Ministry, their conversation touched on the need to establish rules for virtual currencies. Furthermore, they talked about how important it is to have a globally unified strategy to deal with the issue.
The finance minister had said something very similar during an April meeting with the World Bank and IMF. Sitharaman said that many nations have problems with money laundering and other forms of illegal financial activity. And, as she pointed out, no single country has the resources to solve these issues on its own.
In light of her discussion with India's Finance Minister, Georgieva has stated that her group shares the same goals and priorities as the Indian government. It's willing to work with India on crypto laws and other international issues.
The managing director of the IMF has emphasized the importance of weighing the benefits and risks associated with widespread use of cryptocurrencies. The need to control the use of virtual currency is growing in tandem with its popularity. Georgieva came to the conclusion that crypto assets are similar to the "wild, wild west."
Are IMF Policies Against Cryptocurrency?
The International Monetary Fund is not viewed as a nonpartisan aid organization due to its actions and methods. An apparent shift in the IMF's power structure has occurred since the introduction of bitcoin.
