Bitcoin (BTC/USD), Dogecoin (DOGE/USD) – IMF Chief Supports India’s Demand for Global Regulation “So Crypto Doesn’t Become Like the Wild Wild West”
Supporting the Indian government’s demand for global collaboration to regulate cryptocurrencies, the International Monetary Fund (IMF) said it would dedicate a team to work on the issue.
What happened: General director Kristalina Georgieva said that the IMF’s thoughts are aligned with India on the issue of crypto regulation and agreed that there is a need to balance the pros and cons of cryptocurrencies, such as Bitcoin BTC/USD, Ethereum ETH/USDand Dogecoin DOGE/USD.
“The world is changing very quickly, especially in the digital field. It’s like he’s been put on steroids by the pandemic, and in the world of money, crypto and stablecoin have come out very strong. However, they are not regulated. India is right to ask the IMF for regulations, so that crypto does not become like the wild and wild west,” she told CNBC-TV18 in a interview.
She also emphasized rolling out regulations to take advantage of crypto’s “fast and cheap” payment modules while managing cybersecurity risks.
Also Read: Bitcoin, Ethereum, Dogecoin Rise Higher in the Weekend: What’s Happening?
It came after Georgieva, who is currently visiting India, met a host of dignitaries including the President Draupadhi MurmuPrime Minister Narendra Modi, and Minister of Finance Nirmala Sitharaman. In a meeting with Sitharaman, she discussed the importance of digital asset regulation and the need for a globally coordinated and synchronized approach to the issue.
Price action: At the time of writing, Dogecoin was trading, up 0.6% in the past 24 hours. Bitcoin gained 2.9% and Ethereum traded up 0.7% over the same period, according to Data Benzinga Pro.
Photo: Courtesy of EU Civil Protection and Hu on flickr