Casting further doubts on the already uncertain cryptocurrency market in India, Union Finance Minister Nirmala Sitharaman on Friday, April 18, said the biggest risk around cryptocurrency is likely to be used for money laundering and terror financing.
Sitharaman said: “The biggest risk for all countries in the space is the aspect of money laundering and the currency being used to finance terror.”
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Nirmala Sitharaman spoke at the International Monetary Fund seminar.
“I think regulation using technology is the only answer. Regulation using technology has to be adept, that it shouldn’t be behind the curve, but make sure it’s above it. And it’s not possible if there’s one. The state thinks it can solve it. It has to go through space. , “ujare.
Sitharaman highlighted India’s performance in the digital world and the government’s efforts to build a digital infrastructure framework over the past decade, highlighting the rising rate of digital adoption in India during the COVID-19 pandemic.
“If I use the 2019 data, the digital adoption rate in India is about 85%. But globally, it was only around 64% in the same year. So the pandemic time really helped us try and prove ourselves that it’s very easy to use. , the general public can use it, and adoption is really proven, ”Sitharaman said.
Nirmala Sitharaman spoke at the India Today conclave held in March India does not close all options when it comes to cryptocurrency or blockchain and fintech. Sitharaman said that a Cabinet note was prepared on the matter which would give all the details on the formulation of cryptocurrency regulations in India.
“Of course, the Supreme Court has commented on cryptocurrency and while the RBI may take a call on the official cryptocurrency, from our back, we are very clear that we are not shutting off all options,” he has said.
He has also said that The Reserve Bank of India (RBI) is working to launch India’s own digital currency as announced in Budget 2022. He also said that taxes on crypto assets would be imposed first.