Joint global action needed to control tech-driven payment systems: Nirmala
Finance Minister Nirmala Sitharaman on Friday called for a “collective global action” for effective regulation of ever-changing technology and tech-driven payment systems.
So far, regulators are only ‘catching-up’ in regulating ever-evolving technology and hence, there is no one-point formula with which it can be regulated.
Her comments also come against the backdrop of the government preparing to come out with legislation to regulate cryptocurrencies.
“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, whether it is ensuring that data is used ethically...
“When you are looking at data as one of the revenue-generating options, to regulate it will have to be a collective effort,” she said.