India's Finance Minister, Nirmala Sitharaman, has called for global consensus in regulating crypto while emphasizing that regulation does not equate to government control over distributed ledger technology (DLT). Sitharaman highlighted that a global template may have to be created as no one country, individually, can control technology-driven crypto assets since technology does not have borders. India has been managing digital assets with suspicion, imposing a 30% flat tax on crypto income, a 1% tax deducted at source (TDS) on crypto trades above 10,000 Indian rupees (US$122), and not allowing crypto traders to offset losses against gains, among other measures. The International Monetary Fund's paper on cryptocurrencies and the Financial Stability Board's report on the financial stability of crypto assets will be discussed at the G20 meeting in July when finance ministers and central bank governors are scheduled to meet.

(By PRADIPTA MUKHERJEE)