Finance Minister Nirmala Sitharaman spoke about regulating crypto assets and the need for global consensus during a series of events in Bengaluru. She emphasized that without every nation’s agreement, any regulation on crypto assets would be ineffective. As India holds the G20 presidency, crypto asset regulation has been made an agenda item for the year.
The IMF and the Financial Stability Board have given papers on cryptocurrency’s impact on macroeconomic stability and financial stability, respectively. The reports will be discussed in July at the G20 meeting of Finance Ministers and Central Bank Governors. The Finance Minister also discussed widening the tax base and the global economic scenario during Covid, highlighting the effects of printed money and double-digit inflation on economies worldwide.