Amid the pioneering fintech revolution, the biggest risk of cryptocurrency could be money laundering and its use to fund terrorism, Union Finance Minister Nirmala said on Monday (local time). Sitharaman. Sitharaman made the remarks during his address at a seminar as part of the ongoing spring meeting of the International Monetary Fund (IMF). Sitharaman expressed concerns about the use of cryptocurrency to launder money and finance terrorist activities. She said: “I think the biggest risk for all countries will be the aspect of money laundering and also the aspect of currency being used to finance terrorism.”
Sitharaman added that deploying technological means to regulate transactions is the only way to prevent the misuse of cryptocurrencies. The minister said: “I think regulation using technology is the only answer. Regulation using technology will have to be so adept that they must not lag behind the curve, but ensure they are above it. And it is not possible. If a country thinks they can handle it. It has to be at all levels. »
The Union Finance Minister traveled to Washington today morning for an official visit to attend the Spring Meetings at the World Bank, the G20 Finance Ministers Meeting and the Governors Meeting of the Central Bank (FMCBG). On the first day of his visit, Sitharaman participated in a high-level panel discussion on “Money at a Crossroads” moderated by IMF Managing Director Kristalina Georgieva. “We are at a crossroads in terms of speed, distance and proportion, but I see this as a one-way street in which digital money is going to play a bigger role,” the IMF chief said in his opening speech.