Finance Minister Nirmala Sitharaman on Friday said global action is the only way to regulate and monitor technology, be it cryptocurrency, payment systems or data privacy, media reports said.
While speaking at the InFinity Forum, Sitharaman said, "I am not sure if any one country has found a formula to regulate technology."
Prime Minister Narendra Modi inaugurated InFinity Forum, a thought leadership forum on FinTech, on Friday.
The event was hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4, 2021. Indonesia, South Africa and the UK are partner countries in the first edition of the Forum, the Prime Minister's Office informed in a press release.
During the InFinity Forum, Sitharaman said technology doesn't respect borders and global action is the only way to regulate it effectively. Plus, to regulate well, the regulatory framework has to be constantly evolving and regulators should get some independence of what they can do with the regular progressions, reported CNBC TV18 news.
While speaking about the financial inclusions, Sitharaman added that 1 billion Indians have internet connections, 1.2 billion have aadhaar cards, and over 600 million people have smartphones. "India has almost achieved the social objective," she said, adding that it is now moving towards bridging the digital divide. Financial inclusion means availability and equality of opportunities to access financial services.
Her comments come ahead of the much-awaited cryptocurrency bill that will be introduced in the Parliament in the ongoing Winter session.
A note released by the Cabinet on December 2 on the proposed cryptocurrency bill has suggested regulation of private cryptocurrency instead of completely banning the currency, according to media reports.
The note claimed that cryptocurrency will not be recognized as India’s legal digital currency. Further, the legislation describes cryptocurrency as 'cryptoasset' and it will be dealt with the existing crypto exchange platforms which will be regulated by Securities and Exchange Board of India (SEBI). A cut-off date will be prescribed for those having cryptoassets to declare the same and bring under the crypto exchange platforms - which will be regulated by the market watchdog.
