Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / India/  FM calls for global action to regulate cryptocurrencies
BackBack

FM calls for global action to regulate cryptocurrencies

Sitharaman said the movement of technology is constant and to have effective regulation that converges with global practices, a wider mechanism is required that brings together international best practices

Earlier, Sitharaman said the digital revolution in India has helped expand the scope of financial inclusion and reduce poverty (MINT_PRINT)Premium
Earlier, Sitharaman said the digital revolution in India has helped expand the scope of financial inclusion and reduce poverty (MINT_PRINT)

Finance minister Nirmala Sitharaman has called for collective global action to monitor and regulate evolving technologies, including cryptocurrencies, which keep presenting challenges for countries.

Speaking at the Infinity Forum event organized for discussions on fintech, Sitharaman said the movement of technology is constant and to have effective regulation that converges with global practices, a wider mechanism is required that brings together international best practices.

“Even as we are thinking about at a national level, there should simultaneously be a global mechanism through which we are constantly monitoring the movement of technology, so that whether it is your cryptocurrency, whether it is a tech-driven payment system, data privacy, whether it is ensuring that data is used ethically," she said.

The finance minister’s comments come against the backdrop of the government preparing legislation to regulate cryptocurrencies. A bill to regulate cryptocurrencies is listed for introduction in the ongoing winter session of Parliament.

“There needs to be collective effort to monitor movement of technology and devise regulations. With technology-driven systems, you will need to be on top of it. Some kind of mechanism of independent regulators can do with technology that is evolving," Sitharaman said.

Earlier, Sitharaman said the digital revolution in India has helped expand the scope of financial inclusion and reduce poverty.

“Technology has helped us achieve what we did not do in decades earlier. It has helped spread financial inclusion and taken government schemes to all the beneficiaries," she said.

She said the fintech industry has helped provide the necessary backbone for achieving the social norms of empowering the poor.

Sitharaman said India has 1.29 billion Aadhaar identification numbers; about 1 billion Indians are connected to the internet, and 700 million through phones. Also, there are about 600 million smartphone users. “So the technology revolution is for real in India and is helping in achieving the goals of financial inclusion," she said.

Responding to how regulation can keep pace with technology, the finance minister said there is no clear answer since these are evolving areas.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 04 Dec 2021, 12:01 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App