Bitcoin News and Finance
Indian Finance Minister Urges IMF to Lead in Regulating Crypto — Georgieva Says IMF Ready to Work With India Skip to main content

Indian Finance Minister Urges IMF to Lead in Regulating Crypto — Georgieva Says IMF Ready to Work With India

Indian Finance Minister Urges IMF to Lead in Crypto Regulation — Georgieva Says IMF Ready to Work With India

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.

India Wants IMF to Lead in Crypto Regulation

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.”

Indian Finance Minister Urges IMF to Lead in Crypto Regulation — Georgieva Says IMF Ready to Work With India

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.”

Indian Finance Minister Urges IMF to Lead in Crypto Regulation — Georgieva Says IMF Ready to Work With India

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory