Regulating crypto assets is certainly high on agenda

April 20, 2022

Regulating crypto assets alongside digital currency, addressing the remaining regulatory concerns in the banking sector, and coordinating with the worldwide economy are among a couple of mid-term structural issues for India, a top official from the International Monetary Fund has said. Overall, the IMF is taking a look at India in “a very positive fashion,” Tobias Adrian, Financial Counselor and Director of the Monetary and Capital Markets Department told PTI on Tuesday.

“I think there are numerous opportunities and growth (in India is returning). There’s a recovery. There’s a lot of excitement around new growth opportunities, new developments,” he said on the sidelines of the yearly spring meeting of the IMF and the World Bank.

“We always value that growth is inclusive, and is touching each and every one. In any case, our overall viewpoint in India is a fairly positive one,” he said. That’s what adrian said, “regulating crypto assets is absolutely high on the agenda” for India with comes to mid-term structural issues that the nation needs to address in the coming years.

“That is something done around the world. Inside the financial stability board, we are attempting to come up with worldwide standards for crypto-asset guidelines. I feel that is significant for India also adopt. Obviously, I realize that India has changed the tax assessment from crypto resources and that is a welcome move,” he said. “Furthermore, India is exploring central bank digital currencies. That could be quite important for financial inclusion and monetary turn of events, and we are observing closely what India is doing. We welcome those policy developments as well,” the IMF official said.