Global cooperation needed to counter cyber threats: FM
MUMBAI : Global cooperation is essential to tackle cryptocurrencies and other threats emanating from the cyber space, finance minister Nirmala Sitharaman said on Tuesday, outlining a topic that is set to be a key Indian focus at a Group of 20 summit in New Delhi this weekend. “As much as you build firewalls, there are more and more newer ways in which attacks are being made. Crypto (is a) threat as well as an opportunity," Sitharaman said at a Global Fintech Fest here.
Cryptocurrencies, she said, are also an example of how, unless global cooperation works out well, the world is not going to be able to have a responsible financial ecosystem that can regulate it. Crypto has been a thorny issue in India. RBI governor Shaktikanta Das has voiced his concerns on cryptocurrencies multiple times, citing macroeconomic and financial stability risks.
In fact, the finance ministry notified in March that exchange, transfer, safekeeping or administration of cryptocurrencies will come under the ambit of the Prevention of Money Laundering Act (PMLA). “India’s Presidency has put on table, in the G20, issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets. Active discussions are happening.
Content-rich papers from institutions like the International Monetary Fund (IMF), Financial Stability Board (FSB) and Organization for Economic Co-operation and Development (OECD) are all being discussed on various issues," she said ahead of the 8-10 September gathering of G20 leaders. Sitharaman said there is a need to discuss threats to a responsible financial global ecosystem and be well seized of the problem, citing physical border, cyber and crypto threats. She said fintech
. Read more on livemint.com
