The Deputy Managing Director of the International Monetary Fund (IMF), Gita Gopinath, met with Finance Minister Nirmala Sitharaman to discuss India’s G20 presidential goal to develop a common framework for all countries to address risks associated with cryptocurrencies.
What Happened? Per a tweet posted by the ministry, Gopinath congratulated the Union Minister on the "fruitful discussions that translated the February consensus on the need for a globally coordinated policy response on crypto assets into an agreed set of guiding principles and an action plan on crypto assets".
After the meeting, Gopinath shared on Twitter that they had a productive conversation regarding the advancements made under India’s G20 Presidency concerning debt issues and challenges related to cryptocurrency.
In an interaction on ‘Resilience of the Indian economy amidst tightening of financial conditions' at Peterson Institute for International Economics in Washington, Sitharaman earlier in the day reiterated India's stand on cryptocurrency.
Why It Matters? "Cryptocurrencies are a very important part of the discussion under the G20 India's Presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter,” she said.
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She also urged potential investors not to rely on write-ups, written by someone sitting outside the country, for making decisions here.
The crypto market is trying to recover after last year’s episode of FTX’s bankruptcy, and a spat with Binance which triggered a huge sell-off in the market and reduced liquidity.
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