India Finance Minister Believes Blockchain’s Anonymity is a Risk

India Finance Minister Believes Blockchain’s Anonymity is a Risk

During the last 24 hours, India Finance Minister Nirmala Sitharaman has aired her thoughts on a variety of topics, ranging from the Reserve Bank of India’s (RBI) startling move to boost repo rates, to blockchain technology and cryptocurrency, to stock market volatility. “The anonymity is what one unknown element in this whole thing. The anonymity of the person or whoever or the robot is the one which we have to be absolutely readying ourselves as a future challenge.”

The National Securities Depository Limited (NSDL) launched a blockchain-based distributed ledger technology (DLT) platform for Security and Debenture Covenant Monitoring on Saturday, despite the fact that the Indian Finance Minister and financial market regulatory agencies viewed blockchain’s anonymity as a threat.

Sitharaman described anonymity as a major imponderable in the equation, saying that unless they can shield ourselves against that nameless factor, which might itself constitute a risk, they would likely be exposed far more than we would have thought. The Finance Minister stated emphatically that employing distributed ledger technology (DLT), often known as blockchain, is very necessary, and that the government supports its usage.

The minister’s comments came ahead of the budgetary declaration of the central bank digital currency (CBDC), which is built on blockchain technology. Furthermore, Sitharaman stated that private cryptocurrency assets such as Bitcoins are widely used in India. Transparency, real-time, limitless divisibility, and cost-effectiveness are among the benefits of DLTs, according to Buch.

The minister’s comments came ahead of the budgetary declaration of the central bank digital currency (CBDC), which is built on blockchain technology. Furthermore, Sitharaman stated that private cryptocurrency assets such as Bitcoins are widely used in India. Transparency, real-time, limitless divisibility, and cost-effectiveness are among the benefits of DLTs, according to Buch.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Jai

Coincu News