April 20, 2022
2 mins read

Sitharaman raises fears over cryptocurrency

The Finance Minister is in Washington DC for the Spring Meetings of the World Bank group…reports Yashwant Raj

Finance Minister Nirmala Sitharaman on Tuesday raised doubts about the size of the cryptocurrency market worldwide and stressed the need for a regulatory mechanism acceptable to all countries to prevent its use to launder money and fund terrorism, which, she said, were big concerns for India.

“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 said at a seminar hosted by the International Monetary Fund (IMF).

The Finance Minister is in Washington DC for the Spring Meetings of the World Bank group.

The minister pitched the need for a common international approach on regulating the sector, in addition to all the changes that have taken place in the last few years. “Unless there’s going to be a global approach at regulating and also an understanding of the technology even as it keeps evolving, to be on the top of things, and to have technology driven solutions to regulate and monitor. Not so much to interfere, but, of course to keep an eye on “money laundering.”

The minister had earlier at the seminar raised doubts about the size of the cryptocurrency market. “We are not sure about the veracity of the data, which says the volume is this much or that much. Those numbers are questionable.”

India distinguishes between cryptocurrency and crypto assets as a result, and the minister had in February announced a 30 per cent tax on income from these transactions, which includes a 1 per cent deduction at source. “We were trying to make sure that we are keeping a trail and also making sure these are going to be eventually compliant with anti-money laundering rules. Additionally, we are making sure that these kind of operations don’t end up inadvertently to funding any kind of terror activities.”

Sitharaman had used the seminar to detail India’s growing e-economy and plans on entering the cryptocurrency market with its own currency sometime during the year.

ALSO READ: India backs Lanka, bats for IMF bailout

Previous Story

Britain to attend some G20 meetings, keep pressure on Russia

Next Story

Why can’t India have more official languages?

Latest from -Top News

Musk Signals Thaw in Trump Rift

Musk credited Trump for resolving major global conflicts, tagging a Truth Social post to back his claim….reports Asian Lite News Tesla CEO and former presidential advisor Elon Musk appeared to signal a

Tibetans Slam China’s ‘Reincarnation Politics’

Sikyong said the Chinese government is systematically working to erase Tibetan identity by targeting its language and religion, core pillars of its cultural heritage….reports Asian Lite News With the Dalai Lama entrusting

USAID Officially Shuts Down

USAID will be merged into the US State Department from Tuesday….reports Asian Lite News The United States Agency for International Development (USAID) was officially shut down on Tuesday, drawing criticism from former

Quad Raises Alarm Over Myanmar Crisis

Quad presses junta, all parties to honour and extend truce…reports Asian Lite News The Quad Foreign Ministers voiced deep concern over the escalating crisis in Myanmar and its regional impact, urging the
Go toTop

Don't Miss

RAJAH SPICES: Empowering Women In India For Good

Rajah has been working with SEWA on this project for

Apple’s Dominance Grows in India

Apple’s Q4 2023 performance in India paints a picture of