wordpress blog stats
Connect with us

Hi, what are you looking for?

Finance Minister calls for global action against crypto’s money laundering risk

Sitharaman made these remarks on a panel deliberating the role of digital money and its regulatory future.

“The risk which worries me more on the non-governmental domain is unhosted wallets through which this entire (crypto) operation takes place across the globe. So regulating cannot be done by a single country within its terrain through some effective method. Technology doesn't have a solution which would be acceptable to various sovereigns,” Union Finance Minister Nirmala Sitharaman said at a panel discussion organised by the International Monetary Fund (IMF) on April 18. The discussion saw participation from Roberto Campos Neto, President, Central Bank of Brazil; Kristalina Georgieva, Managing Director, IMF; and Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS). It was moderated by Gillian Tett, chair of the editorial board and editor-at-large (US) of the Financial Times. She batted for a unified approach toward regulations in order to keep an eye on issues related to money laundering. “I harp on that very much because I think the biggest risk for all countries across the board will be on the money laundering aspect and also on the aspect of currency being used for financing terror.” — Sitharaman Finance Minister Nirmala Sitharaman’s comments suggest that the Indian government continues to remain circumspect about the benefits of cryptocurrencies. They also indicate that India may be looking for a collective response to the question of crypto regulations. What else did the panellists discuss? ‘Needed a paper trail’ When asked about India’s move to tax crypto assets, Sitharaman explained that the government was not sure if the FATF’s money trail was being tracked in…

Please subscribe/login to read the full story.
Written By

I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

Free Reads

News

Vaishnaw's remarks come a day after Google removed apps belonging to Matrimony.com, Info Edge (Naukri and 99 Acres), Shaadi.com, Altt, Truly Madly, Stage, Quack...

News

Paytm has started distancing itself from PPBL in light of the current negative spotlight on PPBL.

News

The move can be seen as an attempt by Paytm to distance itself from the troubled Paytm Payments Bank, which has been significantly restricted...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ