Economic Affairs Secretary Ajay Seth said on Monday that the government will soon finalise a consultation document on cryptocurrencies with input from numerous parties and institutions, including the World Bank and the IMF. He also emphasised the importance of a worldwide response to challenges relating to cryptocurrencies, which function in the virtual world. The Reserve Bank of India (RBI) has expressed reservations about virtual currencies on numerous occasions, citing a threat to macroeconomic stability as a reason.
Seth said the consultation document is nearly ready on the sidelines of the ‘Iconic Week’ curtain raiser event, which is part of the Finance Ministry’s Azadi Ka Amrit Mahotsav.
“We consulted not only domestic institutional parties, but also international organisations such as the World Bank and the International Monetary Fund. As a result, we are hopeful that we will be able to complete our consultation paper soon “he stated
India, he claimed, has begun work on some type of global regulations at the same time.
“Countries that have banned it will be unable to succeed unless there is global agreement. A broad framework of engagement is required. Whatever method we use to deal with digital assets, there must be a broad foundation on which all economies must be united. No country has the option of choosing between the two positions. We need a global agreement on cryptocurrency regulation “he stated
As Seth pointed out, the Prime Minister has made this observation several times.
He expressed optimism, saying that despite global challenges, India is on track to become the world’s fastest expanding big economy.
“In the Amrit Kal, we can conquer the current obstacles as well as the challenges that will face us in the next years. The global economy has been challenged by significant global headwinds,… Despite this, India is on track to grow at the quickest rate of any significant country on the planet. That was the situation six months ago, and that is our view today “he stated
Seth also stated that inflation should be controlled through a combination of fiscal and monetary policies.
When asked what more measures are being considered to bring down rates, he said the situation is changing and it’s difficult to predict what the next steps would be.
He noted that whatever the current difficulties are, they are being addressed in a timely manner.
The government announced various steps earlier this month, including a reduction in excise duty on petrol and diesel by Rs. 8 per litre and Rs. 6 per litre, respectively.
“We do expect inflation to be reducing in the next months,” he said, “and for that, whatever steps were needed from the fiscal side have been taken, and the RBI is also adopting those measures.” “When headwinds are present, definitely things slow down,” he responded when asked if international tension has an influence on economy. He stated that at the time of the budget, “At the time, one prediction was that the Indian economy would grow at a rate of 8-8.5 percent, while the budget anticipated 7.5 percent… I’ve never heard of a rating agency mentioning a figure lower than this. Please appreciate that this is a dynamic situation…we are fairly intertwined with the global economy.” According to the Economic Survey, India’s economy would increase by 8-8.5 percent in the fiscal year starting April 1.
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