FM Sitharaman points out the industry’s biggest risks, know the details


Indian Finance Minister Nirmala Sitharaman said on Monday (US time) the biggest threat Cryptocurrency It poses the potential to help finance terrorism and digital currency can also be used for money laundering. The Minister of Finance was addressing a symposium at the current spring meeting of the International Monetary Fund. During a discussion, Sitharaman also highlighted how the startup ecosystem in India has thrived in the past few years. The Minister of Finance He is visiting the US for the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting as well.

“The greatest danger to all countries in all areas will be the aspect of money laundering and a currency used to finance terrorism,” Citraman He said while speaking at the symposium during the current spring meeting of the International Monetary Fund.

I think regulation using technology is the only solution. Regulations using technology have to be so ingenious, that they don’t have to be behind the curve, but make sure they are on top of it. This is not possible. If any country thinks they can handle it. Sitraman said during her speech.

The finance minister arrived in Washington on Monday for the meetings. She also participated in a high-level panel discussion on “Money at the Crossroads” hosted by IMF Managing Director Kristalina Georgieva. “We are at a crossroads on how fast, how far, and in what proportion, but I see this as a one-way street where digital money will play a bigger role,” she said during her opening remarks.

“We, as a government, have spent a lot of time in the past decade trying to build a digital infrastructure framework that ensures that we bring data security to the data privacy stuff, and we also created IndiaStack,” Sitharaman said. , adding that this helped them create Aadhaar, GST platform, and UPI.

The finance minister further said that he highlighted the role of the government in creating a digital infrastructure for India over the last decade and emphasized India’s use of digital technologies during the COVID-19 pandemic.

“If you use the 2019 data, the digital adoption rate in India is about 85 percent. But globally in the same year it was only close to 64 percent. So the time of the pandemic has actually helped us test and prove to ourselves that it is easy to use, and can be The general public can use it, and adoption has already been demonstrated,” Seetraman said.

The Treasury Secretary that day also attended an event at the Atlantic Council, a Washington, DC-based think tank. It is also scheduled to participate in bilateral meetings with several countries, including Indonesia, South Korea, Sri Lanka and South Africa.

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