“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…
- Why did the Delhi High Court restrict use of Amitabh Bachchan’s image and voice? November 25, 2022
- Why did an Indian exchange, CoinDCX, publish its Proof of Reserves days after releasing its R2L ratio? November 25, 2022
- DPDP Bill, 2022 Has Received Good Response From Stakeholders: MeitY’s Ashwini Vaishnaw November 25, 2022
- Twitter Blocks Tweet of CJ Werleman’s YouTube Show Discussing Police Violence Against Indian Muslims November 25, 2022
- Unique Identification Authority of India (UIDAI) says verify Aadhaar as ID proof using QR November 25, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...