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Kristalina Georgieva Cryptocurrency : International Monetary Fund Managing Director, Kristalina Georgieva (Kristalina Georgieva, Managing Director, IMF) has supported India on cryptocurrencies at the G-20 meeting of Finance Ministers and Central Bank Governors (FMCBG) in Bengaluru. He said that the issue of declaring private cryptocurrency illegal should be discussed. “We need to differentiate between central bank digital currencies that are state-backed and stablecoins, and crypto assets that are privately issued,” Georgieva said. Committed to bridging differences by doing in the interest of various countries.
prepare technical paper
India has asked the IMF and the Financial Stability Board (FSB) to jointly prepare a technical paper on crypto assets in the G20 presidency. This can be used to prepare a coordinated and comprehensive policy for regulating crypto assets.
made action plan
What kind of attitude the countries around the world have towards crypto by the International Monetary Fund. A nine-point action plan has been made related to this. Its first number is that a currency like a cryptocurrency ie Bitcoin should not be given the status of legal tender. The IMF strongly criticized El Salvador becoming the first country in the world to accept bitcoin as legal cash at the end of 2021.
Joint letter will be presented in October
The Finance Ministry said that international organizations can present their joint paper during the 4th meeting of Finance Ministers and Central Bank Governors in October 2023. The Indian Presidency has proposed a joint technical paper on behalf of the IMF and the FSB. It will be based on the macroeconomic and regulatory outlook of crypto-assets. This will help in the regulation of crypto assets.
What did the finance ministry say
In this regard, the Finance Ministry has informed that Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Banking Supervision But global standard-setting bodies such as the Basel Committee (BCBC) are working on the regulatory agenda related to crypto, working within their respective institutional mandates.
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