International Monetary Fund (IMF) Warns India Against Crypto Adoption

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IMF’s mission chief for India Nada Choueiri said that crypto assets posed significant risks, including to financial stability.

The IMF mission chief for India, Nada Choueiri said that crypto assets posed significant risks to financial stability. Choueiri cited potential in the space for money laundering and terrorist financing, and that crypto systems were also facilitative to frauds and cyberattacks.

IMF was deliberating with other countries too on the issue as a multilateral understanding or cooperation was required for effective policy.

The country still lacks broader policies regulating the use of crypto assets. Indian financial officials are in talks with various entities, including the IMF and the World Bank, to draft policy on the space.