Top Crypto Risks – Money Laundering and Terrorism Financing: Sitharaman

Amid the pioneering fintech revolution, the biggest risk of cryptocurrency could be money laundering and its use to fund terrorism, Union Finance Minister Nirmala said on Monday (local time). Sitharaman.

In his address at a seminar at the ongoing Spring Meeting of the International Monetary Fund (IMF), Sitharaman said: “I think the biggest risk for all countries will be the aspect of money laundering and also the aspect of currency used to finance terrorism.”

“I think regulation using technology is the only answer. Regulation using technology will have to be so skilful, that it shouldn’t be behind, but be sure that it’s on top. And that’s not not possible. a country thinks it can deal with it. It has to be in all areas,” the minister said.

The Union Minister traveled to Washington today morning on an official visit to attend the Spring Meetings at the World Bank, the G20 Finance Ministers Meeting and the Central Bank Governors Meeting ( FMCBG).

During the first day of the visit, the Minister of Finance participated in a high-level roundtable on “Money at a Crossroads” moderated by Kristalina Georgieva, Managing Director of the IMF.

“We are at a crossroads in terms of speed, distance and proportion, but I see this as a one-way street in which digital money is going to play a bigger role,” the IMF chief said in his opening speech.

Sitharaman highlighted India’s performance in the digital world and the government’s efforts to build the digital infrastructure framework over the past decade, highlighting the increase in digital adoption rate in India during the pandemic. of COVID-19.

“If I use 2019 data, the digital adoption rate in India is around 85%. But globally that same year, it was only around 64%. So the time of the pandemic actually helped us test and prove for ourselves that it’s simple to use, ordinary people can use it, and it’s actually been proven to be adopted,” Sitharaman asserted.

Besides his official engagements with the World Bank, IMF, G20 and Financial Action Task Force (FATF), Sitharaman also attended an event at the Atlantic Council, a Washington DC-based think tank on Monday.

The visit will also include several bilateral interactions, including with Indonesia, South Korea, Sri Lanka and South Africa, as well as a high-level meeting with World Bank President David Malpass, according to a press release from the Ministry of Finance.

Notably, once the meetings are over in Washington, Sitharaman will travel to San Francisco on April 24, where she will speak with business leaders and also interact with Stanford University faculty and students. She will leave for India on April 27.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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