FM Sitharaman Calls for Global Crypto Regulations in Washington DC -Breaking
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FM Sitharaman calls for global crypto regulations in Washington DC- Nirmala Sitharaman (Finance Minister) visited the United States to take part in the International Monetary Forum.
- Sitharaman requested global regulation of crypto to address potential dangers associated with cryptocurrency.
- FM holds a bilateral conversation with IMF MD Kristalina Georgieva IMF/WB spring meeting.
Earlier this week, India’s Finance Minister Nirmala Sitharaman called for global crypto regulation. At the International Monetary Forum, Washington DC she addressed this topic.
During her official trip to the USA, she held bilateral talks at the International Monetary Fund – World Bank spring meeting with Kristalina Georgieva (Managing Director of the IMF).
Sitharman said that:
My view is that the greatest risk to all nations will be money laundering as well as the possibility of currencies being used to fund terror financing.
Notably, the Finance Minister expressed India’s concerns about potentially dangerous uses of cryptocurrency. Money laundering, terror financing are just two examples.
However, she said that regulation based on technology is the only way to deal with cryptocurrencies and added that it must be “so adept” that is “not behind the curve, but on top of it.”
Sitharaman added that regardless of the nature of the crypto assets, either Central Bank Digital Currency (CBDC) or private assets, she is more concerned about the ‘unhosted wallets.’ Especially in the private domain through which money is being moved around across borders.
Sitharaman said:
A single country cannot regulate its territory through an effective means. For cross-border regulation, technology is not able to provide a solution acceptable by multiple sovereigns while being applicable in each of the territories.
She pointed out that crypto regulations will need to consider the many ways crypto assets can be used in different countries.
Sitharaman described, “The risks involved will have to be differentially approached because, for each use case, the risks can also be different depending on the economy you are talking about.”
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