Addressing a series of events in Bangalore, he said that any kind of regulation on crypto assets would require the consent of all nations, otherwise it would not be effective.
Sitharaman added that India under his G20 presidency he has kept crypto asset regulation a top agenda item for this year.
He IMF has submitted an article on cryptocurrencies and how it can affect macroeconomic stability.
"The Financial Stability Board (FSB), which was created by the G20, has agreed to give a report that will also focus on financial stability," Sitharaman said.
The reports from both the FSB and the IMF will be discussed in July when the Finance Ministers and central bank The governors will meet under the umbrella of the G20, the Finance Minister said.
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Sitharaman further said that the government is taking several steps to broaden the tax base. "We have introduced a parallel and simplified income tax regime with lower tax rates and fewer exemptions. Changes have been introduced to encourage people to pay taxes," he said. .
"The salaried class sometimes feel why only a burden is placed on them and others are not questioned. They must remember that the government is reaching out to others as well, big spending is now taxable, they are paying TDS. Therefore , the tax net is expanding". she said.
Speaking on the global economic scenario, the Finance Minister said: "Covid was not completely over when the war started in Europe 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 not seen there in 30 or 40 years, Sitharaman added.
On inflation, he said that initially interest rates were "low for a long time" and now inflation rates are "high for a long time" in countries that printed money and distributed it during Covid.
"Their economy is in a state of flux and in a recessionary phase that will have spillover effects around the world," Sitharaman said.
