2 November 2024
Terror Financing, Laundering Biggest Risk Around Crypto, says Indian FM
The finance minister of India, Nirmala Sitharaman, said that Cryptocurrencies' biggest threat is their potential to support terror financing and the digital coin can also be used for money laundering. During the ongoing spring meet of the International Monetary Fund, or IMF, Sitharaman also discussed how India’s startup ecosystem has bloomed in the last few years.
Sitharaman said, “the biggest risk for all countries across the board will be the aspect of money laundering and that of such currency being used for financing terror.”
She further added, “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 Finance minister also participated in a high-level panel discussion on “Money at a Crossroad" that was hosted by IMF managing director Kristalina Georgieva.In her opening remarks, she 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 is going to play a bigger role"
Sitharaman also highlighted the Indian government's role in creating a digital infrastructure for the country over the last decade and talked about India’s use of digital technologies during the Covid-19 pandemic.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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