Sitharaman Pitches For A Global Framework To Regulate Crypto Platforms Union finance minister said regulation using technology is the only solution

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

PIB

"Money laundering and terror financing are the biggest concerns around crypto currency," Indian finance minister Nirmala Sitharaman said while speaking at a seminar on Monday of the International Monetary Fund (IMF). Sitharaman is on an official visit to attend the spring meetings of the IMF and the World Bank.

"I think the regulation using technology is the only solution. 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 is not possible if any one country thinks that it can handle it. It has to be across the board," the minister said.

She added that India has introduced a 30 per cent tax on crypto currency to keep a track on the transactions held in these assets. Meanwhile, the Reserve Bank of India has repeatedly underlined its strong views against crypto currencies, saying it causes a serious threat to the macroeconomic and financial stability of the country.

"We are at the crossroads around how fast, how far and in what proportion but I see this as a one-way street in which digital money is going to play a bigger role," said Kristalina Georgieva, managing director, IMF, in her opening remarks of the seminar.

Sitharaman highlighted India's performance in the digital world and the government's efforts to build the virtual infrastructure, stressing the increase of the digital adoption rate in India during the Covid-19 pandemic. According to a survey, 51 per cent of respondents in India have increased their use of digital technologies and data solutions since the outbreak of the pandemic.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Growing a Business

The 10 Best Podcasts Every Entrepreneur Should Listen to for Growth, Strategy and Success

Unlock your potential with the 10 must-listen podcasts for entrepreneurs, offering expert insights on growth, strategy and success.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Side Hustle

This 31-Year-Old Spends 2 Hours Per Week On His $3,000-a-Month Passive Income Side Hustle: 'Trust Your Vision'

Hansel Moore's home office "wasn't cutting it" — so he found another place to be creative.

News and Trends

This Indian City Ranks 6th Globally in Luxury Housing Growth

Recent measures such as interest rate cuts and the INR 12 lakh rebate under the new tax regime have made homeownership in this segment more accessible to high-net-worth individuals. With reduced borrowing costs and increased disposable income, buyers are more willing to invest in high-end properties that offer exclusivity and long-term value.

Business News

JPMorgan Is Reportedly Laying Off Around 1,000 Workers

JPMorgan is also planning job cuts in mid-March, May, June, August, and September, according to new reports.

Business News

Google's CEO Praised AI Rival DeepSeek This Week for Its 'Very Good Work.' Here's Why.

Google CEO Sundar Pichai spoke at the World Governments Summit in Dubai on Wednesday.