Finance minister, IMF chief talk of common crypto norm

NEW DELHI: Finance minister Nirmala Sitharaman and IMF chief Kristalina Georgieva on Wednesday discussed the significance of regulation of crypto assets and the need to have a globally coordinated, synchronised approach on the issue.
The FM also urged that the International Monetary Fund (IMF) should play a lead role in this regard. India has consistently backed synchronised global coordination on the issue of regulation on crypto assets.
Georgieva met Sitharaman in the national Capital and discussed a range of issues, including India’s upcoming G20 presidency and IMF’s support. The IMF MD said that despite the global uncertainty, India continues to be a bright spot in the global economy.
The FM and the IMF chief shared concerns on key downside risks to the global economy and the cross-border effects due to the geopolitical situation and tighter financial conditions. Both sides recognised the effect of increase in global inflation due to the rise in food and energy prices and the fact that international debt has impacted low income countries the most. Sitharaman underlined the need to ensure energy security for all. The details of the discussions were shared on Twitter by the finance ministry.
The FM also reiterated the importance of coordinated policy measures and multilateralism for mobilising adequate resources for climate action, emphasising that committed funds by the developed economies are yet to become available. She also said that carbon pricing may not be a feasible policy tool for climate action.
Sitharaman also emphasised the importance of timely conclusion of the 16th general review of quotas (GRQs) in a manner that addresses inequity and imbalances in the global economy. The IMF MD agreed with FM that for the IMF to remain relevant it is important that a consensus on GRQs be reachedto reflect the changed status of emerging market economies in the world order. According to the IMF definition, quotas are a key determinant of the voting power in the multilateral agency’s decisions.
Earlier, speaking at an event, the FM said that priority for the government now is job creation and boosting growth and asserted that the inflation has been brought down to a manageable level. She also said the other focus area for the government is equitable distribution of wealth. “Some of course are red-lettered (priorities), some may not be. Red-lettered ones would of course be jobs, equitable wealth distribution and making sure India is moving on the path of growth,” Sitharaman said at the India Ideas Summit organised by the US-India Business Council (USIBC).
“In that sense inflation is not red-lettered. I hope it doesn’t surprise many of you. We have shown that in the past couple of months that we were able to bring it to a manageable level,” said the FM. She also said that India will introduce a new data privacy bill “sooner than later”. “IT minister (Ashwini Vaishnaw) has assured that soon enough, we will have a new Data Privacy Bill, which will be a product of consultations and will address every such concern most of us had on the Privacy Bill,” said Sitharaman.

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