India finalizing consultation paper on cryptocurrency: DEA Secretary

New Delhi: The government will soon finalize a consultation paper on cryptocurrency with input from various stakeholders and institutions, including the World Bank and IMF, Economic Affairs Secretary Ajay Seth said on Monday.
He also underlined the need for a global response to the problems related to cryptocurrency as it operates in the virtual world.
This Reserve Bank of India The RBI has on several occasions expressed its reservations about such virtual currencies, citing risks to macroeconomic stability.
Speaking on the sidelines of the ‘Iconic Week’ screen riser event as part of the Azadi Ka Amrut Mahotsav to be celebrated by the Finance Ministry, Sethe said the consultation paper was ready.
“We have consulted not only with local institutional stakeholders but also with institutions such as the World Bank and the IMF. Therefore, we hope that we will be in a position to finalize our consultation paper soon,” he said.
At the same time, he said, India has started working on some kind of global rules.
“Countries that have imposed sanctions cannot succeed unless there is a global consensus around them. There must be a comprehensive framework of partnership. Digital assets, the way we want to deal with those assets, there must be a comprehensive framework. “On which all economies have to live together. No country can choose between the two. We need a global consensus on crypto regulation,” he said.
If you remember, Seth said, the Prime Minister has made this observation over and over again.
Expressing hope, he said that despite the global challenges, India is poised to become the fastest growing country in the world’s major economies.
“We will be able to overcome the current challenges in the nectar period as well as the challenges facing us in the years to come. There are strong global movements affecting the global economy, … despite all that, India is ready. The fastest growing of all the major countries in the world This was the situation months ago and it will be our assessment today, “he said.
Seth also assured that inflation should be moderate with the help of both monetary and financial measures.
When asked what further steps are being envisaged to cool prices, he said the situation is evolving and it is difficult to say what action is likely to be taken in the future.
Whatever the current challenges, they are answered in a timely manner, he added.
Earlier this month, the government hiked excise duty on petrol and diesel by Rs. 8 and Rs. Announced several measures, including a reduction of 6 per liter.
With moderation in commodity prices, he said, “We expect inflation to remain modest in the coming months, and the necessary steps have been taken from the financial side, and the RBI is also taking those steps.”
When asked if geopolitical tensions could affect growth, he said, “Obviously things slow down when there are strong winds.”
At the time of the budget, he said, “There was an estimate that the Indian economy would grow at 8-8.5 per cent, the budget was assumed at 7.5 per cent at the time … I have not seen any rating agency talking about this. Less than this number. This one The situation is dynamic … please understand that we are very integrated with the global economy. ”
According to the Economic Survey, India’s economy is expected to grow by 8-8.5 per cent in the financial year starting April 1.
The International Monetary Fund (IMF) recently cut its growth forecast to 8.2 per cent, more than the Reserve Bank of India’s 7.2 per cent.


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