India is a country that is on the frontline of digital currencies, especially how it handles a reduction of risk from crypto assets, says International Monetary Fund managing director Kristalina Georgieva. She applauded the Indian government’s approach to cryptocurrency.
Georgieva highlighted that India already plays a very important international role. She met with the Indian Finance Minister Nirmala Sitharaman at an IMF conference where they discussed crypto regulation and other topics. India’s finance ministry officials have been consulting with the IMF and the World Bank on crypto policies as the government works on how to treat crypto assets.
India’s Finance Minister discussed the risks of cryptocurrencies. Sitharaman says the biggest risk for all countries across the board will be the money laundering aspect and the aspect of currency being used for financing terrorism. She highlighted regulation as the key. Sitharaman said regulation using technology will have to be so adept that it doesn’t have to be behind the curve but at the top. She pointed out that its not possible for one country to do it alone. Tobias Adrian, the Financial Counselor and Director of IMF Monetary and Capital Markets Department, said regulating crypto assets is high on the agenda for India.
Meanwhile, the Indian central bank is working on a digital rupee which would be introduced later this year. T. Rabi Sankar, the deputy governor of the Reserve Bank of India, said they would launch a digital currency in a very calibrated, graduated manner, assessing impact all along the line.
