FM Nirmala Sitharaman: Cryptocurrency can be used for money laundering & terror financing operations

Finance Minister (FM) Nirmala Sitharaman reiterated the government's stance on cryptocurrencies, calling for stricter regulation of Virtual Digital Assets (VDAs).

Sitharaman stated during a panel discussion hosted by the International Monetary Fund that cryptocurrency can be used for money laundering and terror financing operations. "I think the biggest risk for all countries across the board will be money laundering and currency being used to finance terrorism," she said. The FM also stated that the Centre's decision to tax cryptos should not be interpreted as legitimising them, but rather as a means of keeping an eye on these VDAs. "We haven't stated that this is money. "We haven't stated that this has intrinsic value, but certain operations are taxable for the sovereign, which is why we taxed," Sitharaman explained.

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