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IMF flags debt restructuring hurdles, says banning crypto should be an option
Published Feb 24, 2023 10:45PM ET
Updated Feb 25, 2023 09:26AM ET
© Reuters. FILE PHOTO: International Monetary Fund Managing Director Kristalina Georgieva at a news conference in Berlin, Germany November 29, 2022. REUTERS/Michele Tantussi
By Aftab Ahmed and Sarita Chaganti Singh
BENGALURU (Reuters) - Group of 20 (G20) nations have some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund (IMF) said on Saturday, adding that banning private cryptocurrencies should be an option.
India's G20 presidency comes as its South Asian neighbours Sri Lanka, Bangladesh and Pakistan are seeking urgent IMF funds due to an economic slowdown caused by the COVID-19 pandemic and the Russia-Ukraine war.
China, the world's largest bilateral creditor, urged the group of big economies on Friday to conduct a fair, objective and in-depth analysis of the causes of global debt issues as clamour grows for lenders to take a large haircut, or accept losses, on loans.
"On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors," IMF Managing Director Kristalina Georgieva told reporters after chairing the roundtable with Indian Finance Minister Nirmala Sitharaman.
"We just finished a session in which it was clear that there is a commitment to bridge differences for the benefit of countries."
U.S. Treasury Secretary Janet Yellen said there were no "deliverables" from the meeting, which was mostly organisational.
Further discussions of the panel, which includes major bilateral creditors including China, India and the G7 countries, several debtor countries, are planned around the time of the IMF and World Bank spring meetings in April.
"We certainly had that agreement that this is a useful forum," Yellen told Reuters in an interview. "We look forward to participating in it."
CRYPTO RESTRICTIONS
Apart from restructuring debt, regulating cryptocurrencies is another priority area for India, which Georgieva agreed with.
"We have to differentiate between central bank digital currencies that are backed by the state and stable coins, and crypto assets that are privately issued," Georgieva said.
"There has to be very strong push for regulation... if regulation fails, if you're slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk."
Yellen said she had not suggested the "outright banning of crypto activities, but it was critical to put in place a strong regulatory framework."
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Comments (12)
jason xx
Feb 26, 2023 5:09AM ET
She is taking about banning crypto in India. Who do you think the IMF is? The don't even have the authority to ban anything worldwide let alone crypto
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Tyler Phillis
Feb 25, 2023 3:08PM ET
Is it any surprise that statists would suggest authoritarian remedies to problems that private markets have already solved? Why does anyone take the IMF seriously? Oh, right…they have hired guns on their “payroll.” We need to ban our government from participating in IMF remedies.
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jason xx
Feb 25, 2023 10:05AM ET
They already edited the other article to make clear that this lady chairing the IMF was only taking about banning crypto in india. They don't even have the authority to ban it worldwide lmao 🤣
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jason xx
Feb 25, 2023 10:05AM ET
People thumbing really think the IMF has the power for a worldwide crypto ban lmaoo. 😐 This place is full of mega brains 🧠
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Warm Camp
Feb 25, 2023 9:53AM ET
Cryptos should be treated the same way as casinos and bordellos. Some folks want to do this, nothing can be done on this except taxes and protecting minors. What is less acceptable: shameful propaganda of cryptoscams done by media outlets, posing as investment/market sites.
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Fred Godbout
Feb 25, 2023 9:53AM ET
The globalists are about inflate the world economies as never before. Hold real assets and sell financial assets. It's that simple!
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James Hilliard
Feb 25, 2023 9:40AM ET
All wars are financed by bankers who depend on tax slaves to accept their printed ponzi bucka.
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jason xx
Feb 25, 2023 9:40AM ET
What do you do live off the land in the wilderness but still have the internet? Give us a break
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marki bigjohnson
Feb 25, 2023 9:40AM ET
It's not like American lives have gotten better with the fake money. it's been down hill
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Don Burris
Feb 25, 2023 9:26AM ET
restructuring debt for distressed economies.... don't you just love these idiots. All the countries have distressed economies!! They spend, spend and spend and then want to restructure their debt and all the while band crypto and may gold while they're at it. Insane.
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Roger Miller
Feb 25, 2023 9:11AM ET
The only thing the IMF is good for is propping up corupt and inefficient governments so they can continue holding back their citizens true potential and making them beholden to the IMF. Abolish the elitist organization.
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Dixon Bainbridge
Feb 25, 2023 7:17AM ET
These control freak crap themselves at the thought of something they cannot control. The IMF can go to hell.
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jason xx
Feb 25, 2023 6:10AM ET
India already tried banning crypto. Thier Supreme Court said no and they are still sore about it lmao
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Joe Hary
Feb 25, 2023 6:10AM ET
Supreme court - just a bunch of politicians that are not YET aligned. Matter of time!
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jason xx
Feb 25, 2023 6:10AM ET
Ahh no they are a court and who cares if its a matter of time before India bans crypto? India is not the IMF and only the Indian chair is suggesting a ban out of spite because they hate it. No one else in the IMF is saying it just her. No other country agrees with her that ive read a4
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Joe Hary
Feb 25, 2023 6:08AM ET
Everybody knows banning crypto is not that difficult socially. There is enough negativity towards crypto that can be skilfully leveraged by politicians to socially kill it with well-cut slogans. Of course, there would be protests, but those would maybe involve one to a few percent of people. The rest of electorate can be easily swayed by saying crypto backs up criminal activity and terrorism therefore it is FAIR to kill it as it is in the interest of majority.
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jason xx
Feb 25, 2023 6:08AM ET
Sounds like something the national socialist party would be good at getting done.
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James Hilliard
Feb 25, 2023 6:08AM ET
James Hilliard
Feb 25, 2023 6:08AM ET
James Hilliard Rigged Votes…
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Brad Albright
Feb 25, 2023 6:08AM ET
And nutcases. Don't forget nutcases
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