In a highly anticipated conversation with Rahul Kanwal, Executive Director of Business Today, Gita Gopinath, the Deputy Managing Director of the International Monetary Fund (IMF), shed light on India's G20 presidency's key agenda of overseeing the regulation of crypto assets. Additionally, Gopinath highlighted the collaborative efforts between India and the Financial Stability Board in this regard. Gopinath Emphasises Significance of Tackling Regulatory and Macro-Financial Implications of Crypto Assets Primary Objective: Striking a Balance Between Regulation and Financial Stability

Crypto Assets Not to Be Recognised as Legal Tender, Warns Expert In a recent development concerning monetary matters, a prominent expert has emphasised the importance of refraining from acknowledging crypto assets, such as Bitcoin, as legitimate forms of currency. This cautionary stance is rooted in the potential threat these digital currencies pose to a nation's monetary sovereignty. New Guidelines Propose Licencing and Registration for Crypto Asset Issuers In a bid to ensure financial stability, a set of guidelines has been put forth, suggesting the implementation of licencing and registration requirements for crypto asset issuers. The primary objective of these guidelines is to establish a uniform approach towards handling similar activities and risks within the crypto asset industry.

Gopinath Stresses Agreement on Common Principles, Emphasises Ongoing Development of Specific Regulations Global Consensus Against Banning Cryptocurrencies, Says Notable Figure

Gopinath, when questioned about the timeline for incorporating these principles into policy, expressed optimism that the crypto market will witness a reduction in chaos, accompanied by enhanced data and transparency. Differentiation to be Determined by the Purpose of Crypto Assets: Speculative Investments or Payments

In a discussion about the Indian economy, Gopinath emphasised India's significant contribution as a catalyst for global growth. She projected a growth rate of over 6% for the ongoing fiscal year, attributing it to robust public investment and resilient consumption. However, she stressed the importance of implementing structural reforms in order to maintain elevated growth rates and entice private investment. India Anticipated to Surpass as the World's Third-Largest Economy by 2027-28; Predicted to Contribute 15% to Global Growth in Current Year

Gopinath Emphasises Key Reforms to Propel India's Growth Trajectory In a recent address, Gopinath highlighted the criticality of implementing reforms in various sectors to bolster India's growth trajectory. The esteemed economist underscored the significance of labour market reforms, state-level governance improvements, enhanced ease of doing business, better education quality, and increased female labour force participation. Gopinath's insights shed light on the essential areas that require attention and reform to propel India's economic growth. By focusing on these key aspects, India can potentially unlock its full potential and achieve sustained development. India's Economic Growth Figures Reaffirmed by Official In a recent statement, an official reiterated the credibility of India's economic growth figures. The official emphasised that the International Monetary Fund (IMF) relies on a multitude of data sources and high-frequency data for their assessments. This reaffirmation underscores the robustness and reliability of India's economic data.