At IMF meeting, FM Nirmala Sitharaman warns of crypto misuse in terror financing

cnbctv18.com:

Indian Finance Minister Nirmala Sitharaman has said cryptocurrencies are risky because they could be used for money laundering and can also be used to finance terror.At an International Monetary Fund (IMF) meeting, Sitharaman said: "I think the biggest risk for all countries across the board will be the money laundering aspect and the aspect of currency being used for financing terror."She said the only answer was regulation. "Regulation using technology will have to be so adept that it has to be not behind the curve, but be sure that it is on top.

And that's not possible. If any one country thinks that it can handle it.

It has to be across the board," Sitharaman said.She is attending the Spring Meetings of IMF and World Bank, G20 finance ministers and central bank governor meetings, Financial Action Task Force (FATF) meeting, besides other associated investment meetings as part of her official visit to the US which began on April 18. India has the largest startup ecosystem...1 in 4 startups belong to fintech & are increasingly becoming unicorns. 20 unicorns belonging to fintech in last 2-3 years.

Digital adoption rate in India as of 2019 was 85%.- Smt @nsitharaman during panel discussion by @IMFNews in US. pic.twitter.com/hilZ0snKWE— NSitharamanOffice (@nsitharamanoffc) April 19, 2022At a panel discussion on "Money at a Crossroad" hosted by IMF managing director Kristalina Georgieva on the first day, Sitharaman highlighted India's performance in the digital world and the government's efforts to build the digital infrastructure over the past decade, stressing the increase of the digital adoption rate in India."If I use 2019 data, the digital adoption rate in India is about 85 percent.