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Use of cryptocurrencies in money laundering, terror financing is the biggest risk: Finance Minister

Cryptocurrency: Finance Minister Nirmala Sitharaman has said that cryptocurrencies can be used for money laundering and terror financing, which is the biggest risk associated with crypto for all countries. The Finance Minister has said these things during his visit to America during a program organized by the International Monetary Fund in Washington DC. The Finance Minister said that cryptocurrencies can be regulated only by using technology. And if any country thinks that it can handle it alone, then that is not possible. It will have to be regulated by all the countries together.

The Finance Minister said that India has decided to levy 30 per cent tax on income from cryptocurrencies so that people who transact it can be monitored. With this, it will be possible to find out who are involved in its transaction. The Finance Minister said that “How can we track these transactions, which were being done in electronic code. So we wanted to be sure. That is why we decided to tax 30 per cent of cryptocurrencies, which is why This we will be able to know who is buying and who is selling it.

Union Finance Minister Smt. @nsitharaman and MD IMF Ms @KGeorgieva met during the Spring Meetings of IMF-WB, today, in Washington DC (1/7) pic.twitter.com/ZksWsqVelb
— Ministry of Finance (@FinMinIndia) April 19, 2022

 

Sitharaman said that the efforts of the Central Government in building India’s digitization and digital infrastructure in the last decade and also underlined how the country has achieved a great achievement in the rate of digital adoption during the Corona epidemic.

The Finance Minister is on a visit to the US where she will attend the Spring Meetings of the International Monetary Fund and the World Bank. Nirmala Sitharaman will also participate in the G20 Finance Ministers and Central Bank Governors meeting and will meet World Bank President David Malpass. Sitharaman is also scheduled to meet business leaders in San Francisco and will interact with faculty and students from Stanford University.

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