Crypto, tax havens, druglords big threat to global financial system: FM

Underlining the need to be ‘well seized’ of the threats to the responsible global financial ecosystem, Finance Minister Nirmala Sitharaman says cryptocurrency, drug mafia, and tax havens are a big threat to the global financial system.

“We should be well seized of the threats. Conventional warfare and other things, cyber threats and its intensity and depth, and drug mafias are a big threat to the global financial ecosystem,” Sitharaman says in her inaugural address at the Global Fintech Fest, 2023 in Mumbai. She says crypto is both a threat as well as an opportunity.

“But crypto is also an example that I use to say that unless a global co-operation works out well, you are not going to have a responsible financial ecosystem which can regulate it as well,” she says, adding that tax havens, tax evasion, and round-tripping of resources are also the threats before us and need to be addressed. The fest saw participation from hundreds of countries.