Global consensus essential for crypto assets regulation: Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman on Sunday emphasised on the need for global consensus for regulating crypto assets.

Addressing a series of events in Bengaluru, she said that any kind of regulation on crypto assets would require every nation’s consent, otherwise it would not be effective.

Sitharaman added that India under its G20 presidency has kept crypto assets regulation as an agenda item 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.

Reports of both FSB and IMF will be discussed in July when Finance Ministers and Central Bank Governors will meet under the G20 umbrella, the Finance Minister said.

Sitharaman further said that the government is taking several measures to widen the tax base.

“We have brought in a parallel, simplified income tax regime with lower tax rates and less exemptions. Changes have been brought to encourage people to pay taxes,” she said.