FM: Crypto Regulation Needs Collective Efforts

Finance Minister Nirmala Sitharaman Friday said regulating cryptocurrency would require collective efforts as the technology was constantly evolving and changing and called for a “collective global action” for effective regulation of ever-changing technology and tech-driven payment systems.

“Technology has the power to sweep through borders, which is why I say that even as we are thinking about regulating technology, there should simultaneously be a global mechanism through which we are constantly monitoring the rapid movements, whether it is cryptocurrency, payments system or data privacy,” Sitharaman said, responding to a question on regulation during a panel discussion.

She was participating in a cession on the ‘Fin Tech for an inclusive growth across the globe’ at Infinity Forum organized by IFCSA and Bloomberg. The Minister’s comments assume importance as the government looks to introduce a bill on cryptocurrencies in the ongoing winter session of the Parliament. On Thursday, Sitharaman told Rajya Sabha that the government is checking the advertising monitor’s guidelines to see what can be done to address concerns over misleading commercials promoting cryptocurrency.

She said the government will introduce a bill on cryptocurrency in Parliament soon after it’s approved by the cabinet. The proposed cryptocurrency and regulations of Officials Digital currency Bill, 2021, seeks to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India”.

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