‘Global consensus essential for crypto assets regulation’ Underlining that global consensus is necessary for regulation of crypto, before India makes any move on it, Union Finance Minister Nirmala Sitharaman on Sunday said a global template may have to be created, and everyone will have to work together on it, otherwise regulating it will not be effective.
The Minister, however, said it does not mean controlling of 'distributed ledger technology', which has its goodness and potential. "The G20 of which the India is currently holding the Presidency, it was India's proposal and it has been taken on board, I'm glad that the G20 has kept it in its agenda for this year, the IMF has given a paper on crypto currency and the way it can affect the macroeconomic stability. The Financial Stability Board (FSB), which was set up by G20, has agreed to give a report that will also focus on financial stability," Sitharaman said.
Speaking on the global economic scenario, the Finance Minister said: "Covid was not even completely over when the war in Europe began and it had global repercussions. Fuel prices went up and food insecurity was seen in many countries."
During Covid, many developed economies printed and distributed money. This formula resulted in double-digit inflation in their economies, something which was not seen there in 30-40 years, Sitharaman added.
On inflation, she said that initially interest rates were "low for a long" and now inflation rates are "high for long" in countries that printed money and distributed it during Covid.
