Nirmala Sitharaman | Crypto Currencies: Sitharaman pitches global framework to prevent crypto currencies being used for money laundering

Synopsis

“How can we keep a trail following these transactions which were happening. After all these were electronic codes eventually. So we wanted to be sure. So through that (30% tax)we will be able to know who’s buying and who is selling it,” Sitharaman said.

Global framework required to prevent misuse of cryptocurrencies: FM at IMF meet

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India has pitched for a global framework to regulate crypto currencies identifying their use in money laundering and terror financing as the biggest risks for all countries.

“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,” finance minister Nirmala Sitharaman said at a discussion on “Money at a Crossroad” hosted by the International Monetary Fund (IMF) in Washington DC.

The minister added that no country could handle these alone and they can be only regulated when countries come on board together.
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“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,” Sitharaman said.

She added that India had introduced a 30% tax on Cryptocurrency to keep a track on who was transacting in these assets.

“How can we keep a trail following these transactions which were happening. After all these were electronic codes eventually. So we wanted to be sure. So through that (30% tax)we will be able to know who’s buying and who is selling it,” Sitharaman said.

Will the tax rules kill crypto trade in India?

Cryptocurrency investors face a double whammy— additional taxes and hostile banks. Sachin Dave, Senior Editor, The Economic Times and Sugata Ghosh, Associate Editor, The Economic Times, explain what happens to the exchanges and investors. And has the Indian government killed the cryptocurrency investment in India without actually banning it?

Sitharaman is on an official visit to the US, to attend the spring meetings of the International Monetary Fund and the World Bank.

Sitharaman will also attend the G20 finance ministers’ and central bank governors’ meeting there and will meet World Bank President, David Malpass.

Sitharaman is also scheduled to meet business leaders in San Francisco and will also interact with the faculty and students at Stanford University.
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Updated: 04/20/2022 — 21:00