India Calls For Global Regulations On Cryptocurrency
In Today's Article, we will talk about India's perspective on cryptocurrency and how it could be detrimental to world peace and economic stability so let's begin with the story ...
During a panel discussion at the IMF (International Monetary Fund) on tuesday morning Sitharaman flagged concerns over possible misuse of cryptocurrencies for money laundering and terror financing. She also voiced concerns over the fact that one country alone cannot sucessfully regulate the rapidly rising asset. She said :
"Regulation using technology is the only answer. It will have to be so adept that it is 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 went on to explain that the 1% TDS at source and 30% tax were essential at the time being to establish a money trail. On response to this the IMF's managing director Mr Kristalina Georgieva promissed a multilateral agency will expand its work on digital money with special focus on interoperability of CBDC , regulation of private digital currencies and risks from cyberattacks.
Money laundering is one of the most common crimes in the crypto sector, with cases increasing by over 30 per cent between 2020 and 2021, according to Chainalysis’s 2022 Crypto Crime Report.According to the same analysis, criminals laundered $8.6 billion in cryptocurrency in 2021. In 2020, it was $6.6 billion. Between 2017 and 2021, the year 2019 saw the biggest amount of money laundered, at $10.9 billion.
In the case of India, Pankaj Chaudhary, minister of state for finance, said in March that the Centre is aware of cybercriminals using digital assets for money laundering.
It is noteworthy that the Reserve Bank of India has raised “grave concerns" about private digital assets, warning that they could lead to financial instability.
After the meetings in Washington, Sitharaman will go to San Francisco on April 24, where she will meet with business leaders and connect with Stanford University academics and students. Meet You next time until then plz follow us on twitter and instagram.