Union Finance Minister Nirmala Sitharaman on Monday stated that money laundering and use for financial terror are the major challenges that can result from cryptocurrency uses.
She stated that "I think regulation using technology is the only answer. Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on the top of it."
The union finance minister stated this at the G20 Finance Ministers Meeting in Washington, US at the session "Money at a Crossroad". She highlighted the Indian government's efforts to incorporate digital governance models.