IMF chief says world should have more regulation for private cryptocurrencies

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BENGALURU: International Monetary Fund Managing Director Kristalina Georgieva on Saturday said the world should have more regulation for private cryptocurrencies.

Speaking to the media persons on the sidelines of the G20 Meeting in Bengaluru, she said, “private crypto assets are not money.”

She urged for a strong push for regulation and added, “If regulation fails, if you’re slow to do it, then we should not take off the table or banning those assets, because they may create financial stability risk…”

The IMF MD said crypto could lead to financial stability issues and the world should have more regulation for private cryptocurrencies.

She said India is the bright spot in the global economy. IMF Managing Director Kristalina Georgieva was speaking to reporters after the round table she co-chaired with Union Finance Minister Nirmala Sitharaman.

“2023 is a challenging year because global growth is slowing down,” Georgieva said, adding, “War in Ukraine is a grave of uncertainty.”

On the subject of debt restructuring, there are some disagreements over restructuring debt for distressed economies, the IMF chief said at a time when Sri Lanka, Bangladesh and Pakistan are seeking urgent IMF funds for the economic slowdown, and macroeconomic and geopolitical trends caused by the Russia-Ukraine war and Covid pandemic.

“On debt restructuring, while there are still some disagreements, we now have the global sovereign debt round table with consideration of all public and private creditors,” she added. (ANI)

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