Finance Minister Urges IMF To Develop Globally Coordinated Approach To Crypto Asset Regulations

Finance Minister Nirmala Sitharaman on Thursday held a discussion with IMF managing director Kristalina Georgieva and urged the multi-lateral funding agency to develop a globally coordinated approach to the regulation of crypto assets. The Finance Minister held a virtual conversation with the International Monetary Fund (IMF) MD to discuss the upcoming G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, scheduled to be held in Bengaluru later this month. 

Sitharaman also thanked IMF for the support that it had been providing to the G20 Indian presidency on various work streams under the G20 FinanceTrack. The Finance Ministry in a series of tweets said Georgieva congratulated India on its strong economic performance in challenging global times and its role at the forefront of digitalisation of the economy, especially in the area of digital payments.

Both leaders expressed solidarity with those affected by the devastation in Turkey and Syria, the ministry said in a tweet. "FM conveyed India's immediate support extended by Prime Minister Shri @narendramodi through deployment of NDRF @NDRFHQ and medical teams under #OperationDost," as per another tweet. 

IMF MD appreciated India's contribution of USD 50 million for SARTTAC, Delhi, a partnership between IMF and India. This will further strengthen India and IMF's role in building capacity in the South Asia Region, she added. "FM Smt. @nsitharaman told Ms. @KGeorgieva that India will continue to play its leadership role during the Presidency to strengthen #multilateralism and #GlobalGovernance for a peaceful, sustainable, and prosperous world for all," another tweet said.

During the discussion via video conference, both leaders recognised that the voices of the most vulnerable and under-represented need to be heard through the leadership of the G20 nations. Sitharaman stressed the need to ensure food and energy security for all and asked the IMF for support to the Indian Presidency in the form of detailed technical analysis to develop evidence-based policy guidance on the issue. 

She also informed Georgieva that debt issues will be at the forefront of G20 FinanceTrack discussions, and India will continue to support the ongoing efforts for orderly and timely implementation of the Common Framework. Along with addressing debt vulnerabilities, both leaders also discussed other key deliverables, such as the timely completion of the 16th General Review of Quota (GRQ) to strengthen the Global Financial Safety Net, another tweet said.