Global rules needed to legitimise crypto: Sunil Mittal

economictimes.indiatimes.com:

Bharti Airtel chairman Sunil Mittal has backed FM Nirmala Sitharaman’s recent call for governments worldwide to evolve a suitable global regulatory regime to track new age crypto-currencies which can pose serious problems. “The world will move to crypto-currencies as it’s a fine technology, but nation states must collectively evolve a suitable global regulation to legitimise it and ensure such digital fund transfers happen in a safe environment, and that wrong people don’t benefit from it, especially as these transactions can’t be traced or tracked,” Mittal said at the Times Network India Economic Conclave 2022, Thursday. The telecom billionaire added that India is amongst the most important nations in a deeply-divided world as it has consistently valued its democratic system. This, he said, is also reflected in the fact that Indians today are CEOs of several top Fortune 500 countries, instead of anyone from neighbouring China, largely since MNCs across the world prefer to choose leaders from countries that have cherished democratic values and systems. “Do you really see even one Chinese heading an MNC today, there is none.”

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Mittal said crypto-currencies could pose serious problems as they can be bought easily with rupees and transferred through wallets anywhere in the world. A scenario that could lead to droves of people suddenly printing money (digitally), and competing with nation-states. From that perspective, he said, “there needs to be a (regulatory) envelope, and the FM is not wrong when she recently, during a meeting