New Delhi: Finance Minister Nirmala Sitharaman said on Friday that collective "global action" is the only way to regulate evolving technologies, including cryptocurrencies.
Speaking at the InFinity Forum hosted by Bloomberg and IFSCA, Sitharaman noted that no country has found a one-point formula to regulate technologies like cryptocurrencies.
"Even when we're thinking nationally, there should be simultaneously a global mechanism through which we constantly monitor the movement of technology, so that if it's your cryptocurrency, if it's a technology-driven payment system, privacy of the data ... "she said.
His comments come at a time when the government is preparing to issue legislation to regulate cryptocurrencies.
The Center is expected to present the 2021 bill on cryptocurrencies and regulation of the official digital currency in the current session of Parliament.
