At an IMF and World Bank meeting, Indian Finance Minister Nirmala Sitharaman talked about cryptocurrency and stablecoins when asked about Facebook’s Libra digital currency project. RBI Governor Shaktikanta Das also addressed the subject at the conference.
Finance Minister Talks Crypto
At the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF) in Washington, D.C., Indian Finance Minister Nirmala Sitharaman talked about cryptocurrency and stablecoins, PTI reported. The annual meetings and related events took place from Monday, Oct. 14, through Sunday, Oct. 20. The news outlet added that Shaktikanta Das, Governor of the Reserve Bank of India (RBI), also spoke about cryptocurrencies during one of the interventions.
Indian Finance Minister Nirmala Sitharaman in a group photo with other governors at the IMF and World Bank Annual Meetings 2019.
A group of reporters asked Sitharaman on Sunday about Facebook’s Libra crypto project. She responded, “On our side, the Reserve Bank governor spoke about it during our turn to intervene,” adding:
I got the sense that many countries were cautioning on rushing into this.
Since Facebook unveiled its plan for the Libra project in June, many regulators worldwide have been scrutinizing the project. France and Germany are even reportedly discussing banning Libra in their countries, at least until all the concerns have been addressed. As for India, former Secretary of the Department of Economic Affairs Subhash Chandra Garg previously said that the Indian government will not allow Libra in the country since it would be a private cryptocurrency.
Nirmala Sitharaman addressing the Plenary Session of the IMF and World Bank Annual Meetings on Oct. » Read Full Article «