New Delhi: The Centre will soon finalise a consultation paper on cryptocurrencies. It will do so with inputs from various stakeholders and institutions. Among them are the World Bank and the IMF, Economic Affairs Secretary Ajay Seth said Monday. He also underlined the need for a global response to deal with issues concerning cryptocurrencies as these operate in the virtual world.
The Reserve Bank of India (RBI) on many occasions has expressed its reservation about such virtual currencies. It has cited a threat to macroeconomic stability.
Seth was speaking on the sidelines of the curtain raiser event of ‘Iconic Week’ as part of Azadi Ka Amrit Mahotsav. He said the consultation paper is fairly ready.
“We have consulted not just the domestic institutional stakeholders but also organisations like the World Bank and the IMF. So, we hope that we will soon be in a position to finalise our consultation paper on cryptocurrencies,” said Seth. Simultaneously, he added that India has also started work on some sort of global regulations.
Expressing hope, Seth said, India is poised to become the fastest growing among large economies in the world despite global challenges.
“We can overcome the current challenges as well as the challenges that will come to us in the coming years in the Amrit Kal. There are strong global headwinds which have impacted the global economy. Even despite all those, India is poised to grow the fastest among all large countries in the world. That was the position six months back and that will be our assessment even today,” he said.
Seth also assured that inflation should be moderating with the help of both and fiscal and monetary measures. When asked what more measures are being envisaged to cool down prices, he said, it is evolving situation and difficult to say what future steps are likely. Whatever the current challenges are they are being responded to in a timely manner, he added.