India still struggling to finalize a crypto regulatory framework
Despite the assurances of a quick draft law over the past few years.
To the International Monetary Fund, India Finance Minister Nirmala Sitharaman address her request
She is call for a global cryptocurrency framework to keep a check on the use of cryptocurrencies for illicit activities.
Sithraman’s comments came on during the “Money at a Crossroad”
The panel discussion of the International Monetary Fund (IMF) and the World Bank in Washington.
The panel discussion also featured Kristalina Georgieva, managing director at the IMF,
Roberto Campos Neto, president of the Central Bank of Brazil, and Ravi Menon, managing director of the Monetary Authority of Singapore.
The Indian minister called upon the support of world leaders to come together
And formulate comprehensive crypto regulations to mitigate terror financing and money laundering risks.
“I think regulation using technology is the only answer. 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 the top of it. And that’s not possible. If any one country thinks that it can handle it. It has to be across the board.”
During her address, Sithraman also raised concerns over unhosted crypto wallets
That being used for international remittances and how it can prove to be a major risk in assessing the flow of money outside a nation.
Indian government enforce highly controversial crypto tax law
30% tax without offering any clarity on the future of crypto in the country
This regressive tax law has reportedly forced several crypto startups and entrepreneurs to look for more favorable jurisdictions outside India.
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