Gopinath’s statement on crypto regulations comes amid the collapse of Sam Bankman Fried-led FTX, which left thousands of crypto believers and investors in limbo. The embattled FTX, which was the second largest crypto exchange in the world until last month, already owes $3.1 billion to 50 of its biggest creditors. His case has re-ignited the debate about stricter crypto regulations worldwide.
In India, the government is already planning stricter crypto reforms. In the 2022-23 budget, the central government proposed taxing profits generated from virtual digital assets at 30% and 1% TDS on the transfer of cryptos to discourage crypto transactions.
Regarding climate change, Gopinath said that developing countries need more funding to adapt to and contribute to climate change, which may be the third area of progress.
“And finally, climate finance. In order for developing countries to be able to adapt to climate change and contribute to climate protection, they would need much more climate finance. And that’s a third area where concrete progress can be made,” she said.
In November, after assuming the G20 presidency, Chief Economic Adviser V. Anantha Nageswaran said India’s focus will be on macroeconomic vulnerabilities, food and energy security and cross-border challenges such as virtual asset regulation, among others.
“India’s G20 Presidency begins in the next thirty days. The global economy faces headwinds and uncertainties. We deal with unknown unknowns and unknown unknowns. The G20 Presidency in the near future will focus on key issues on macroeconomic vulnerabilities that address food and energy security. These challenges stem in part from long-standing underinvestment in energy infrastructure, but also from geopolitical developments,” said Nageswaran.
