India Bats for Global Crypto Regulation Framework

India has pitched for a global framework to regulate cryptocurrencies, flagging their use in money laundering and terror financing as the biggest risk facing nations. “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,” finance minister Nirmala Sitharaman said during a discussion on ‘Monday at a Crossroad,’ hosted by the International Monetary Fund (IMF) in Washington, DC. The minister the spring meeting of the IMF and the World Bank. Sitharaman added that there can only be regulation when countries are on board together. “I think regulation using technology is the only answer,” she said. Technology will have to be nimble to ensure it is not possible if any one country thinks it can handle it. It has to be across the board.” The minister said un hosted wallets across borders were key risks. “So, regulation cannot be done by a single country within its terrain through some effective method, and for doing it across the borders, technology doesn’t have a solution which will be acceptable to various sovereigns at the same time, applicable within of the territory,” she said.

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