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FM Take on Cryptocurrency: Finance Minister Nirmala Sitharaman on Sunday stressed the need for global consensus to regulate crypto assets. Addressing various programs in Bengaluru, he said that any kind of regulation on crypto assets would require the consent of each country, otherwise it would not be effective.
Crypto Assets Regulation This Year’s Agenda Item
Nirmala Sitharaman said that India has kept crypto assets regulation as an agenda item for this year under its G20 presidency. The IMF has come out with a paper on the currency and the way it can affect macroeconomic stability. The Finance Minister said, the Financial Stability Board (FSB), which was set up by the G20, has agreed to give a report which will also focus on financial stability. The finance minister said the reports of both the FSB and the IMF would be discussed in July, when finance ministers and central bank governors meet at the G20. Finance Minister Nirmala Sitharaman further said that the government is taking several measures to broaden the tax base.
Finance Minister’s big statement regarding tax rates
He said, we have brought a parallel, simpler income tax regime with lower tax rates and fewer exemptions. Changes have been brought in to encourage people to pay taxes. The salaried class sometimes feels that why only they are burdened, why questions are not raised on others? They should remember that the government is reaching out to others as well. Bigger expenses are now being taxed, they are paying TDS. That’s why the tax network is expanding.
The Finance Minister also told the main reason for rising inflation.
Speaking on the global economic scenario, the Finance Minister said that when the war broke out in Europe, Covid was not over yet and its global consequences came to the fore. Fuel prices soared and food insecurity was observed in many countries. Nirmala Sitharaman said, during Kovid, many developed economies printed and distributed notes. As a result of this formula, the inflation rate in his economy reached double digit, which was not seen there in 30-40 years.
Inflation rate is high in many countries, global effect will be seen – Finance Minister
On inflation, he said that initially the interest rates were low for a long time and now the inflation rates are high for a long time in those countries which printed currency notes and distributed it during Kovid. Sitharaman said, there is instability in their economy and it is currently in recession, which will affect the whole world.
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