A senior International Monetary Fund (IMF) representative highlighted India’s preference to regulate crypto assets and mentioned this issue as a medium-term priority.
Tobias Adrian, Financial Counselor and Director of the IMF’s Monetary and Capital Market Department, described the IMF’s view for India as “quite favourable”and stated:
“I think there are many opportunities and growth (in India is coming back). There’s a recovery. There’s a lot of excitement around new growth opportunities, new developments.”
According to Adrian, “regulating crypto assets is certainly high on the agenda,” and this is one of India’s key structural challenges to be solved in the long term. As a result, India will surely seek a solution to these difficulties in the near future.
IMF official Adrian said:
“That is something that is done globally.” Within the financial stability board, we are trying to come up with global standards for crypto asset regulations. I think that’s important for India to also adopt. Of course, I know that India has changed the taxation of crypto assets, and that’s a welcome move.”
According to the Economic Times, banks’ volume of Indian state debt is 29 percent, which is higher than the developing market average of 16 percent. The ratio of Indian public debt to GDP is around 87 percent.
The IMF’s managing director, Kristalina Georgieva, announced that the institution will enhance its crypto work in the nation and emphasised the importance of private digital currency legislation, CBDC compatibility, and cyber security issues.
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