Indian Finance Minister asks for Global framework for cryptocurrencies that will curtail the risk of Money Laundering

While addressing the international monetary fund, the finance minister of India, Nirmala Sitharaman, has called out for the creation of a global cryptocurrency framework that will help in keeping a check on the illicit activities regarding cryptocurrencies.

Sitharaman made her comments on Monday while being present in the meeting or discussion of IMF and the World Bank on the topic of “Money at a Crossroad,” which was being held in Washington. This panel discussion also featured reputed personalities such as Roberto Campos Neto, president of the Central Bank of Brazil, Ravi Menon, managing director of the Monetary Authority of Singapore, and Kristalina Georgieva, managing director at the IMF.

The Indian Finance minister has requested the world leaders to come together and work out a comprehensive regulation for crypto that will mitigate the chances of money laundering and terror financing. According to her, regulation using the technology is the only solution for the current crypto industry. 

While addressing the panel discussion, Sitharaman has also raised her concerns over the unhosted cryptocurrency wallets which are being used for international settlements, and she also talked about how it can prove a major risk for the flow of money outside any region.

Although Sitharaman is talking about a global crypto framework in her own country, the government has failed to produce a proper crypto regulation for four years. And this year, the Indian government has introduced a highly controversial 30 percent crypto tax law without providing any kind of clarity on the future of the crypto industry in the country.

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