I cannot tell you how excited I am to come to India and sit in one of the round tables about crypto about CBD C and how much we advance by having this place. But you have concerns, don't you? I have concerns. There are so many digital concerns. Are you OK with this? You believe that people shouldn't be there? I have 10,000 concerns. This is how many variants of crypto exist today. Uh, we we approach it in the following way. First we look into, uh how did we define this? Is it really money? Well, it may be called bit Bitcoin. It's not money. Uh, when we have in a sense, a speculative asset, it's an investment risk. If you want to take it, please do. But don't think that this is this is money. Uh, when we look at the, um, universe of crypto, you have stable coins that are backed by by assets, and then you have things that are, you know, backed by nothing. Obviously, these are different, uh, categories. And, uh, what is most concerning to me is, uh, we see a lot of appetite to get into crypto in jurisdictions with very weak institutions. Very weak policies, right? But then you it can go anywhere. So it originates in a weak place. It goes to India and causes damage. So we have to have a clear regulatory framework, and then we have to make it so that they play by the rules that are establishing the economy. At the IMF, we are concentrated on the question of tax. Right, Well, if you have a crypto investment and you generate capital gains, these gains should be taxed. Uh, if you are using crypto to facilitate transaction, that transaction should be also taxed. So we have. We have a lot of work to do. Roll our sleeves, get it done. Because this is moving so, so, so fast, it is indeed.
