Global action needed to regulate technology like cryptocurrency, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Friday said collective "global action" is the only way to regulate the evolving technologies, including the cryptocurrencies.

Speaking at the InFinity Forum organised by Bloomberg and IFSCA, Sitharaman noted that no country has found a one-point formula to regulate technology such as cryptocurrency.

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"Even as we are thinking about at a national level, there should simultaneously be a global mechanism through which we are constantly monitoring the movement of technology, so that whether it is your cryptocurrency, whether it is tech-driven payment system, data privacy..." she said.

Her comments come at a time when the government is preparing to come out with legislation to regulate cryptocurrencies.

It is expected that the Centre might table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the ongoing session of Parliament.