Nirmala Sitharaman says money laundering, terror financing biggest concerns around cryptocurrency
During a debate, Sitharaman also emphasised how India's startup environment has grown in recent years. The finance minister is in the United States for a meeting of the G20 finance ministers and central bank governors (FMCBG).
FollowThe main concern cryptocurrencies represent, according to India's finance minister Nirmala Sitharaman, is its ability to help in terror funding, and the digital coin may also be used for money laundering. The finance minister was speaking at a session at the International Monetary Fund's (IMF) current spring meeting.
During a debate, Sitharaman also emphasised how India's startup environment has grown in recent years. The finance minister is in the United States for a meeting of the G20 finance ministers and central bank governors (FMCBG).
"The biggest concern for all nations across the board would be the element of money laundering and such currency being used to finance terror," Sitharaman said during a session at the IMF's ongoing spring meeting.
"I believe that regulating through technology is the only solution. Regulation based on technology will have to be so proficient that it is not only not behind the curve, but also on top of it. That is not feasible. If any one country believes it can manage it. It needs to be across the board," Sitharaman stated during her speech.
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The finance minister arrived in Washington on Monday for the sessions. She also took part in a high-level panel discussion on "Money at a Crossroads" moderated by IMF Managing Director Kristalina Georgieva. The finance minister also emphasised the government's involvement in developing India's digital infrastructure over the previous decade, as well as India's use of digital technology during the COVID-19 epidemic.
On the same day, the finance minister attended an event at the Atlantic Council, a Washington, DC-based think organisation. She is also scheduled to meet with officials from Indonesia, South Korea, Sri Lanka, and South Africa in bilateral discussions.
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