IMF Chief Backs India's Demand For Global Regulations 'So Crypto Does Not Become Like The Wild, Wild West'

Backing the Indian government’s demand for global collaboration for regulating cryptocurrencies, the International Monetary Fund (IMF) chief said that it would dedicate a team to work on the matter.

What Happened: Managing Director Kristalina Georgieva said the IMF's thoughts are aligned with India on the matter of regulating cryptos and agreed that there is a need for balancing the pros and cons of cryptocurrencies, such as Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD.

“The world is changing very rapidly, especially in the area of digital. It is as if it was put on steroids by the pandemic, and in the world of money, crypto and stablecoin have emerged very strong. However, they are not regulated. India is right to call on the IMF for regulations, so crypto does not become like the wild, wild west,” she told CNBC-TV18 in an interview.

She also emphasized deploying regulations to leverage ‘fast and cheap’ payment modules of cryptos while managing cybersecurity risks.

Also Read: Bitcoin, Ethereum, Dogecoin Surge Higher Into The Weekend: What's Happening?

This came after Georgieva, who is currently on a visit to India, met a host of dignitaries, including President Droupadi Murmu, Prime Minister Narendra Modi, and Finance Minister Nirmala Sitharaman. In a meeting with Sitharaman, she discussed the significance of the regulation of digital assets and the need to have a globally coordinated, synchronized approach to the issue.

Price Action: At the time of writing, Dogecoin was trading, up 0.6% in the last 24 hours. Bitcoin gained 2.9% and Ethereum was trading up 0.7%, over the same period, according to Benzinga Pro data. 

Photo: Courtesy of EU Civil Protection and Hu on flickr