As the calls for comprehensive regulations for the crypto industry continue, the Indian minister of finance wants the IMF to take a leading role in overseeing the sector.
IMF Called to Lead Crypto Regulations
Nirmala Sitharaman, India’s finance minister, calls on the International Monetary Fund (IMF) to head the regulation of crypto assets globally. In a meeting with the managing director, Kristalina Georgieva, the minister wants the global aid organization to collaborate with India.
The two personalities extensively discussed several topics during a recent meeting in New Delhi.
A statement from the Finance Ministry revealed that the duo discussed the importance of regulating digital currency. In addition, they also discussed the significance of having a globally harmonized approach to address the issue.
During a previous meeting with the World Bank and IMF in April, the finance minister made a similar statement. Sitharaman noted that money laundering and other illicit financial dealings are issues facing many countries. She added that no nation is capable of dealing with the problems alone.
Commenting on the meeting with the Indian Finance Minister, Georgieva noted that her organization aligns with the views of the Indian government. It is ready to collaborate with India on crypto regulations and other global issues.
The IMF managing director emphasizes the need to balance the pros and cons of crypto adoption. As demands for digital currency continue to spike, it is essential to regulate its activities. Georgieva concluded that crypto assets are like the “wild, wild west.”
Is the IMF Against Cryptocurrency?
Going by its activities and its manner of approach, the IMF is seen not as a neutral aid body but one with a plan. The emergence of cryptocurrency appears to have shaken the structure of the power behind the affairs of the IMF.
However, many were convinced that the IMF was not in support of cryptocurrency, which has been its official position.
Industry experts believe the crypto community should expect more anti-crypto policies from the IMF. Countries in economic crisis would be forced to do away with their friendly crypto guidelines before accessing loans from the IMF.
A case in point is Argentina. The South American nation has agreed to the IMF’s condition to discontinue its use of cryptocurrency. The country faces a severe economic crisis and thus applied for a $45 billion loan from the organization.
Moreover, this came after El Salvador announced its adoption of Bitcoin as a legal tender. The IMF kicked against El Salvador’s decision because it has an ongoing loan negotiation with the country.
Furthermore, the Argentine capital, Buenos Aires, has become a hub for crypto and blockchain development. The biting economic stagnation has pushed most people to seek financial stability in crypto, especially Bitcoin.
El Salvador’s Bitcoin Bond move and the continued donations to war-torn Ukraine in crypto tokens show just how dramatic crypto can be.
The crypto market may be small compared to the traditional banking system, but it still provides a safe passage from the IMF’s grip on countries.
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