Monday, January 17, 2022
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Global mechanism will have to be created to control currency like Cryptocurrency: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Friday called for action at the global level for the ever-changing technology and effective regulation of mobile payment systems.

3He said that as of now, regulators are busy regulating the ever-evolving technology. They don’t have any mechanism by which to regulate it.

Finance Minister Nirmala Sitharaman on Friday called for action at the global level for t

e ever-changing technology and effective regulation of mobile payment systems. He said that as of now, regulators are busy regulating the ever-evolving technology. They don’t have any mechanism by which to regulate it.

Earlier, UIDAI CEO Saurabh Garg said that his organization is looking at collaborating with other countries and international organizations to build digital identity systems across the world. Saurabh Garg gave this information during a panel discussion with Paytm founder Vijay Shekhar Sharma at Infinity Forum.

He said that the authority is exploring emerging technology to enhance security and increase the number of transactions that can be done from Aadhaar. Garg said, “We think we will be happy to collaborate with other countries going forward… We also look forward to collaborating with international organizations in building international institutions for standards of national identity.

We look forward to collaborating with various countries in the future and deciding whether digital identities can become a medium of empowerment around the world. be available.”

He said that 99.5 percent of the population in India now has an Aadhaar number and five crore authentications are done on a daily basis to verify various transactions. Earlier, at a separate event on Thursday, Garg said that UIDAI is working with the World Bank and the United Nations to build infrastructure in other countries.

 

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