• 17 July, 2024
News

India’s Finance Minister Advocates for IMF-led Global Crypto Regulation

Indian Finance Minister Nirmala Sitharaman spoke virtually with IMF Managing Director Kristalina Georgieva on Thursday to discuss preparations for the impending G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Bengaluru at the end of this month.

The major topics of discussion were the necessity for a globally coordinated strategy to regulate crypto assets. Sitharaman praised the IMF for cooperating with the G20 Indian presidency on different work streams under the G20 FinanceTrack and asked the institution to create a unified approach to regulating crypto assets.

Food and energy security for everyone were topics of debate, as was the need to hear the concerns of the most marginalized groups. The minister requested the IMF’s help in the form of a technical study in order to provide policy recommendations supported by evidence.

Both leaders also addressed the problem of debt vulnerabilities and underlined the need to complete the 16th General Review of Quota on schedule as a means of strengthening the Global Financial Safety Net.

Sitharaman told the IMF Managing Director that India would continue to support existing efforts for an orderly and timely implementation of the Common Framework and that debt concerns would be at the forefront of G20 FinanceTrack talks.

Georgieva lauded India for its participation in the digitization of the economy, particularly in the field of digital payments, and noted the country’s impressive economic success despite the difficulties of recent years.

Sitharaman and Georgieva clearly had a fruitful virtual discussion, as they both reaffirmed their commitment to collaborating to overcome the difficulties facing the world economy. Although the primary focus was on economic and financial matters, the two leaders also shared their support for the victims of the recent disasters in Turkey and Syria.

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