Indian Finance Minister Sitharaman Discusses Crypto Regulation With IMF Chief

The importance of crypto regulation was highlighted by India’s finance minister, Nirmala Sitharaman, and Kristalina Georgieva, managing director of the International Monetary Fund (IMF).

India has long emphasized the necessity for international coordination and regulation with a mutually agreed-upon approach to this problem. Sitharaman further suggested that the IMF take the initiative to ensure effective regulation of this industry.

India’s FM and Kristalina Georgieva, managing director of the IMF, spoke on a wide range of topics, including the IMF’s support for India’s upcoming G20 leadership. Even if the IMF MD noted that there is global geopolitical uncertainty, India continues to be a bright spot in the global economy.

Additionally, India began taxing cryptocurrency assets at a rate of 30% on April 1. Additionally, India has levied a 1% tax deducted at source (TDS) on cryptocurrency. On purchases worth more than Rs 10,000 (about $125), or in the hands of individuals receiving after July 1, this TDS will need to be paid.

Both the finance minister and the head of the IMF are worried about the hazards that cryptocurrencies present. Given the geopolitical environment and the tighter financial constraints, it also poses threats to the global economy and has cross-border implications.

Energy security has also been underlined by the finance minister. India seeks to emphasize the value of multilateralism and coordinated policy actions for securing sufficient funding for climate action.

It is so because developed economies’ designated monies have not yet been used because they have not been made available. Carbon pricing may not have been a workable policy tool for addressing climate change, according to the FM.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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