India is at the forefront of cryptocurrency, especially in how it handles cryptocurrency risks

Kristalina Georgieva, Managing Director of the International Monetary Fund, said that India is a “country at the forefront of digital currencies,” specifically “how to deal with reducing cryptocurrency risks to Indian people and businesses.” He met with Indian Finance Minister Nirmala Sitharaman to discuss cryptocurrency regulation.

IMF chief comments on crypto policy in India

The CEO of the International Monetary Fund, Kristalina Georgieva, praised the Indian government’s approach to cryptocurrencies at an IMF press conference on Wednesday.

In response to a question about “the role that India can play in improving the global economic situation in order to protect the interests of the most vulnerable groups,” the IMF chief said: “India is already playing a very important international role….” She explained:

It is a country that is at the forefront of digital currencies, especially the central bank digital currency, and how it tackles crypto-asset risk reduction for Indian people and businesses.

The head of the International Monetary Fund met India’s Finance Minister Nirmala Sitharaman on Monday, and the regulation of digital currencies was among the topics discussed.

They were reportedly Indian Ministry of Finance officials advising with the IMF and World Bank on crypto policies as the government works on how to manage crypto assets.

The Indian government started taxing cryptocurrency income at 30% without allowing compensation for losses or deductions on April 1. Cryptocurrency exchange volumes that you hear later on exchanges across the country. For the withholding tax deduction (TDS) plus 1%, it will take effect soon.

India’s Finance Minister Discusses Cryptocurrency at IMF Meeting

India’s finance minister raised concerns about cryptocurrency risks at the International Monetary Fund’s meeting last week. “I think the biggest danger to all countries in all areas will be money laundering and the side of the currency used to finance terrorism,” he said.

Seetraman stressed that organization is key:

Regulations using technology must be so ingenious that they do not have to go around the curve, but make sure they are on top.

The Indian Finance Minister added that no single country can do this alone. “It is not possible. If any country thinks they can deal with it. He pointed out.

“Regulating crypto assets has definitely been high on India’s agenda,” Tobias Adrian, financial advisor and director of the IMF’s Capital Markets and Capital Markets Department, said last week.

Meanwhile, India’s central bank, the Reserve Bank of India (RBI), is working on the digital rupee, which the finance minister said will be introduced in the current fiscal year. Earlier this month, Deputy Governor of the Reserve Bank of India T. Rabih Sankar said the central bank would embark on launching a digital currency “in a very gradual and calculated manner, assessing the impact along the line.”

“The digital rupee will be the digital form of our physical rupee and it will be regulated by the Reserve Bank of India,” Indian Prime Minister Narendra Modi previously said. to explain. “The digital rupee will revolutionize the fintech industry,” Modi noted.

What do you think of the IMF chief’s comments on how India deals with cryptocurrencies? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

photo credits: Shutterstock, Pixabay, Wikicommons

Don’t give an opinion: This article is for informational purposes only. It is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author will be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.

Leave a Comment