(The Telegraph)
Finance minister Nirmala Sitharaman on Tuesday made a strong case for regulating crypto currencies at a global level to mitigate the risk of money laundering and terror funding.
Participating at a high-level panel discussion organised by the IMF, the finance minister said as long as the non-governmental activity of the crypto assets was through unhosted wallets, the regulation was going to be very difficult.
However, she said, cross border payments between countries will become very effective through central bank-driven digital currencies. “The risk which worries me more on the non-governmental domain is essentially you are looking at unhosted wallets across the borders, across the globe.
“So, regulation cannot be done by a single country within its terrain through some effective method and for doing it across the borders, technology doesn’t have a solution which will be acceptable to various sovereigns at the same time and be applicable within each of the territory,” she said.
