The biggest threat from cryptocurrencies is money laundering and funding terrorism: FM Nirmala Sitharaman

During an event in the US on Monday, Finance Minister Nirmala Sitharaman once expressed the concern of the Indian government regarding cryptocurrencies. He said that amidst the expansion of fintech, there is a big danger that cryptocurrencies can be used for money laundering and terrorism funding. In a seminar at the International Monetary Fund (IMF) Spring Meet, the Finance Minister said that ‘I think the biggest threat to all the countries present here is money laundering and the use of currency to fund terrorism.’He said, ‘I think the answer would be to enforce rules and regulations through technology. This law has to be so efficient that it stays above technology, and it is not possible. If any country thinks that it can handle it. Everyone has to come together on this.

  1. Let us tell you that Finance Minister Sitharaman has gone on an official visit to the US on Monday, where she has to participate in the World Bank, G20 Finance Ministers’ meeting and Central Bank Governor’s meeting. On her first day of visit, she participated in the discussion on the topic ‘Money at a Crossroad’ in a meeting chaired by IMF Managing Director Kristalina Georgieva.
  2. The IMF chief said that ‘we are at such a point where the questions are how fast, how far and in how much detail it will grow, but I think it is a straight path, seeing that it is clear that digital money Will play a big role.
  3. In the program, Finance Minister Sitharaman discussed these points, what is India’s performance in the digital world, and what efforts have been made to prepare a digital infrastructure framework in the last one year, while how much has India done to the digital sector during the Kovid epidemic. Expanded rapidly.
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