Biggest risk of cryptocurrency could be money laundering, its use for financing terror, says Nirmala Sitharaman

FPJ Web DeskUpdated: Tuesday, April 19, 2022, 09:07 AM IST
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Finance Minister Nirmala Sitharaman | ANI

Casting doubts on cryptocurrency market in India, Union Finance Minister Nirmala Sitharaman on Monday said that the biggest risk of cryptocurrency 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), 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."

"I think regulation using technology is the only answer. 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.

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.

"If I use 2019 data, the digital adoption rate in India is about 85%. But globally, it was only somewhere near 64% the same year. So the pandemic time actually helped us to test and prove for ourselves that it is simple to use, common people can use it, and adoption actually was proven," Sitharaman asserted.

The Union Minister reached Washington 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, Finance Minister participated in a high-level panel discussion on "Money at a Crossroad" hosted by Kristalina Georgieva, Managing Director, IMF.

(With inputs from ANI)

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