Finance Minister Nirmala Sitharaman urges the IMF to take the lead in regulating cryptocurrency; Details here


Union Finance Minister Nirmala Sitharaman said that the IMF should play a leading role in regulating cryptocurrencies and ensure a globally coordinated and synchronized approach to the matter. The Finance Minister raised the matter during a meeting with IMF Managing Director Kristalina Georgieva in New Delhi recently. The Ministry of Finance also tweeted about this issue.

“FM Smt. nsitharaman and Ms. KGeorgieva discussed the importance of regulating crypto assets and the need for a globally coordinated and concurrent approach to this issue. FM Smt. In a tweet on Wednesday after Sitharaman met Georgieva that day, the Finance Ministry said nsitharaman urged the IMF to play a leading role in this regard.

The Managing Director of the International Monetary Fund (IMF) met India’s Finance Minister on Wednesday to discuss India’s upcoming G20 presidency and IMF support India for the presidency.

Back in April, during the Spring Meetings of the International Monetary Fund and Globalism The bank, Sitharaman, had discussed a global framework that would regulate cryptocurrencies, while also warning of the potential risks they posed in relation to terrorist financing and money laundering.

The only answer is to regulate the use of technology. It should be very nimble, not behind the curve, but make sure it’s at the top of it. This is not possible if any country thinks they can deal with it. Foreign Minister said at the time. The IMF pledged during this time to expand its work on crypto assets as Sittraman highlighted the need for consensus to control these digital assets.

India is currently levying a 30 percent tax on gains from crypto assets, which came into effect from April 1 this year. The move was proposed during the union budget in February. The budget also introduced tax payable at 1 per cent on the payment of virtual assets in excess of Rs 10,000 per year and the taxation of such gifts in the hands of the beneficiaries. This took effect from 1 July.

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