India has advocated for a global framework to govern cryptocurrencies, citing their use in money laundering and terror financing as the most serious threats to all nations. Nirmala Sitharaman, the Union Minister of Finance, acknowledged India’s digital performance and the government’s efforts to develop a digital infrastructure framework over the last decade.
Money laundering and terror financing are the two biggest risks of cryptocurrency, according to the Finance Minister. The biggest risk of cryptocurrencies, according to Union Minister of Finance Nirmala Sitharaman, might be money laundering and its use to finance terrorism in the midst of the pioneering fintech revolution.
Ms Sitharaman remarked at a session held during the International Monetary Fund’s (IMF) spring meeting that: “I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror.”
The minister went on to say that no country could handle issues alone and that they could only be regulated if countries worked together.
“I think regulation using technology is the only answer. Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on the top of it. And that’s not possible. If any one country thinks that it can handle it. It has to be across the board,”Ms Sitharaman remarked
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