Lagatar24 Desk
Washington, April 19: The biggest risk of cryptocurrencies, according to Union Minister of Finance Nirmala Sitharaman, might be money laundering and its use to finance terrorism in the midst of the pioneering fintech revolution (local time).
“I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror,” she said in her address at a seminar during the ongoing spring meet of the International Monetary Fund (IMF).
“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,” she added.
The Union Minister arrived in Washington this morning for an official visit to the World Bank’s Spring Meetings, the G20 Finance Ministers Meeting, and the Central Bank Governors Meeting (FMCBG).
The Finance Minister took part in a high-level panel discussion on ‘Money at a Crossroad’ sponsored by Kristalina Georgieva, IMF Managing Director, on the first day of the visit.
