Nirmala Sitharaman said amidst the pioneering fintech revolution that cryptocurrency’s most significant risk could be money laundering and its use for financing terror. In her address at a seminar during the ongoing spring meet of the International Monetary Fund (IMF), Ms. Sitharaman said she thinks the most significant risk for all countries across the board will be the money laundering aspect and the aspect of currency being used for financing terror. She thinks regulation using technology is the only answer. A rule using technology will have to be so adept that it has to be not behind the curve, but be sure that it is on top. And that’s not possible. Suppose any one country thinks that it can handle it. It has to be across the board. The Union Minister reached Washington today morning on an official visit to attend the Spring Meetings at the World Bank, the G20 Finance Ministers meeting, and the Central Bank Governor Meeting (FMCBG).
During the first day of the visit, the Finance Minister participated in a high-level panel discussion on Money at a Crossroad.
During the first day of the visit, the Finance Minister participated in a high-level panel discussion on Money at a Crossroad hosted by Kristalina Georgieva, Managing Director, IMF. IMF Chief said, “We are at the crossroads around how fast, how far, and in what proportion, but I see this as a one-way street in which Digital Money will play a more significant role. Ms. Sitharaman highlighted India’s performance in the digital world and the government’s efforts to build the digital infrastructure framework over the last decade. She stressed the increase in the digital adoption rate in India during the COVID-19 pandemic. If she uses 2019 data, the Union Minister reached the digital adoption rate in India is about 85 percent. But globally, it was only somewhere near 64 percent that same year. So the pandemic time helped India test and prove that it is simple to use, and ordinary people can use it, and adoption was proven.