Nirmala Sitharaman urges IMF to develop globally coordinated approach to crypto asset regulations

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In a meeting with IMF managing director Kristalina Georgieva on Thursday in New Delhi, Finance Minister Nirmala Sitharaman urged the multilateral finance organisation to create a globally coordinated strategy for the regulation of crypto assets.
The G20 finance ministers and central bank governors meeting, which is set to take place in Bengaluru later this month, was discussed during the finance minister’s virtual call with the IMF MD.
Moreover, Sitharaman praised the IMF for the assistance it had been giving the G20 Indian president on key G20 FinanceTrack work streams.

In a series of tweets, the finance ministry stated that Georgieva commended India on its robust economic performance in difficult circumstances throughout the world and its leadership in the economy’s digitalization, particularly in the area of digital payments.

According to a tweet from the ministry, both leaders offered their support for individuals impacted by the destruction in Turkey and Syria.
According to a another tweet, “FM communicated India’s prompt help offered by Prime Minister Shri @narendramodi through deployment of NDRF @NDRFHQ and medical teams under #OperationDost.”

IMF MD praised India’s $50 million commitment to SARTTAC, Delhi, an IMF and India cooperation.

This will make India and the IMF even more effective in their capacity-building efforts in the South Asia Region, she continued.

Another tweet stated that FM Smt. @nsitharaman had informed Ms. @KGeorgieva that India would continue to take a leadership role during the Presidency to build #multilateralism and #GlobalGovernance for a peaceful, sustainable, and prosperous world for all.

Both leaders agreed during the video conference conversation that the G20 nations’ leadership must provide voice to the most marginalised and vulnerable groups.

Sitharaman emphasised the need of ensuring food and energy security for everyone and requested the IMF’s assistance in developing evidence-based policy recommendations on the matter for the Indian President in the form of thorough technical study.

The G20 FinanceTrack discussions will focus heavily on debt challenges, and India will continue to support the ongoing efforts for a prompt and orderly implementation of the Common Framework, she also told Georgieva.

According to another tweet, both presidents also talked about strengthening the Global Financial Safety Net by timely completing the 16th General Review of Quota (GRQ), in addition to tackling debt risks.