FM Nirmala Sitharaman urges IMF to form global strategy to regulate cryptos

India has been pitching for a global strategy, given the cross-border nature of crypto transactions and potential risks they pose to the world’s financial system.

In a virtual conversation with IMF managing director Kristalina Georgieva, Sitharaman also “stressed the need to ensure food and energy security for all”, the finance ministry tweeted.

Both discussed the upcoming G20 finance ministers and central bank governors meeting, scheduled to be held in Bengaluru later this month. India assumed the G20 presidency in December.

The debt crisis in many countries will be among the key issues of the G20 Finance Track discussions, the ministry said. About 60% of low-income countries were at high risk or already in debt distress, up sharply from 30% in 2015, according to an earlier IMF assessment.

The finance minister and the IMF chief also discussed the timely completion of the 16th General Review of Quotas (GRQ) to strengthen the global financial safety net.

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The latest GRQ, expected to provide greater say to developing economies in the IMF, should be concluded by December 15, 2023, according to a resolution of the multilateral body.