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

Trump Warns Musk: ‘Close Shop or Go Home’

Trump’s warning on his Truth Social platform late on Tuesday (US time) came amid the feud between him and Musk over the ‘One Big Beautiful Bill’….reports Asian Lite News Former US President

India-US Trade Deal Likely This Week

The interim trade deal would be an initial step towards a comprehensive bilateral free trade agreement between Indian and the US….reports Asian Lite News India is expected to finalise an interim trade

One Year Later, Hasina’s Son Raises Red Flag

Hasina’s abrupt exit last August after violent student protests was widely seen as a blow to democracy in the Muslim-majority nation of 170 million….reports Asian Lite News Sajeeb Wazed, son of former

Global South Finds Its Campus in India

The question is no longer if India can attract global talent, but whether it can build the conditions to do so at scale—with care and vision. Done right, India could emerge as

Jaishankar Gets Real on India-US Ties

The EAM underlined the structural drivers of the bilateral relationship, saying, “The trend line over the last 25 years has actually been very strong….reports Asian Lite News External Affairs Minister S. Jaishankar
Go toTop

Don't Miss

IndianOil sets up 10,000 EV charging stations

Presently, IndianOil has 448 EV Charging Stations and 30 Battery

Congress appoints Jitu Patwari as Madhya Pradesh chief

Soon after his new appointment, Jitu said that he would