The finance minister has called for global action in the payment system


New Delhi: Finance Minister Nirmala Sitharaman Friday called for “collective global action” to address the ever-changing technology and effective regulation of tech-driven. Payment systems, Including Cryptocurrency.
So far, regulators have only “caught” in controlling the ever-evolving technology and so there is no single point formula by which to control it, she said.
The minister’s remarks at an event came amid the government’s plan to introduce a “ban on private cryptocurrency” bill while “providing some exceptions” for “promoting underlying technology” and “its uses”. The law, which has been in operation for several months, comes amid major concerns Investment Flowing into digital currency, without worrying about adequate security or regulatory framework and its potential misuse.
“As we are thinking nationally, there should be a global mechanism by which we constantly monitor the movement of technology, so that it is your cryptocurrency, whether it is a tech based payment system, data privacy, whether it is ensured. What is happening is that data is being used ethically … When you see data as one of the options for generating revenue, you have to make a collective effort to regulate it, “said Sitaram.
Speaking at the Infinity Forum 2021, she said that technology does not respect any physical boundaries and has the power to transcend boundaries. “… It means that global action is the only way you can effectively regulate.”
Recently, PM Narendra Modi also called on all democracies to work together on cryptocurrency. Bitcoin To make sure it doesn’t fall into the wrong hands.

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