“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…
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.
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