Amidst the pioneering fintech revolution, the biggest risk of cryptocurrency could be money laundering and its use for financing terror, said Union Minister of Finance Nirmala Sitharaman.
In her address at a seminar during the ongoing spring meet of the International Monetary Fund, Sitharaman said: “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.” 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,” the Minister said.
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). Sitharaman highlighted India’s performance in the digital world and the government’s efforts to build the digital infrastructure framework over the last decade, stressing the increase of the digital adoption rate in India during the COVID-19 pandemic.
Apart from her official engagements with the World Bank, IMF, G20, and Financial Action Task Force (FATF), Sitharaman on Monday also attended an event at the Atlantic Council, a think tank based in Washington DC. The visit will also include several bilateral interactions, including with Indonesia, South Korea, Sri Lanka, and South Africa as well as a high-level meeting with World Bank President David Malpass, a Ministry of Finance statement said.
Notably, once the meetings conclude in Washington, Sitharaman will head to San Francisco on April 24, where she will engage with business leaders and will also interact with the faculty and students at Stanford University. She will depart for India on April 27.
