Amid the pioneering fintech revolution, the biggest risk to bitcoin may be money laundering and its use to finance terrorism, stated Nirmala Sitharaman about cryptocurrency on April 18. Ms. Sitharaman stated during her talk at a seminar during the International Monetary Fund's ongoing spring meeting: "I believe the greatest danger for all nations would be the money laundering component and the currency being used to finance terrorism."
"I believe that regulating through technology is the only way forward. Regulation utilizing technology will need to be so proficient that it is ahead of the curve and on top of it, which is not feasible. If any country believes it is capable of handling it. It must be uniform across the board," said Sitharaman on cryptocurrency.
The Union Minister arrived in Washington on an official visit this morning to attend the World Bank's Spring Meetings, the G20 Finance Ministers Meeting, and the Central Bank Governors Meeting (FMCBG).
IMF Managing Director Kristalina Georgieva organized a high-level panel discussion on "Money at a Crossroad" on the first day of the tour. The Finance Minister was a participant. "We are at a crossroads in terms of how quickly, how far, and in what proportion, but I regard this as a one-way path in which Digital Money will play a greater role," the IMF director stated in her opening remarks.
Nirmala Sitharaman on cryptocurrency emphasized India's performance in the digital realm and the government's efforts to develop a digital infrastructure framework over the previous decade, emphasizing the growth in India's digital adoption rate during the Covid-19 epidemic.
"If I take 2019 statistics, India's digital adoption rate is about 85%. However, internationally in the same year, it was only around 64%. Thus, the pandemic period enabled us to test and demonstrate that it is simple to use, that regular people can use it, and that adoption is indeed possible, "Ms. Sitharaman on cryptocurrency stated emphatically.
Monday was a busy day for the Indian finance minister on cryptocurrency as she attended meetings with the World Bank, IMF, G20, and Financial Action Task Force. Notably, after the Washington meetings end, Ms. Sitharaman will go to San Francisco on April 24 to meet with business executives and connect with Stanford University academics and students. She is scheduled to arrive in India on April 27.