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India’s Minister of Finance, Nirmala Sitharaman, said that all countries must unite for better worldwide crypto regulation . Speaking at the Global Fintech Fest 2023, Sitharaman added that there should be a global regulatory framework “for handling issues related to crypto assets.”  According to The Free Press Journal, the finance minister stressed the importance of the country’s Income Tax Return (ITR), claiming that some tax categories have risen by a minimum of three times in terms of tax filings. You might also like: Seoul to target North Korea’s illicit crypto assets with a new cyber bill Sitharaman added that technology is one of the essential tools for positive change. “I want [the] banking system, the financial ecosystem [including] the mutual funds, stock markets… everybody to keep in mind that when someone deals with his (customer’s) money, the organizations will have to think about the future and ensure that they (customers) nominate...

CBDCs could revolutionize the financial system by increasing efficiency, transparency and financial inclusion while reducing the use of cash. Central bank digital currencies (CBDCs) are digital versions of fiat currencies that are backed and issued by central banks. Here are five ways in which CBDCs could impact the global financial system. Digitalization of payments CBDCs might make payments quicker and more efficient because they would do away with the need for intermediaries. Costs could be brought down as a result, along with financial inclusion and an improved global payments system. CBDCs could also enable cross-border payments to become faster and more efficient, as they would not be subject to the limitations of the traditional financial system. The ease and reduced cost of conducting cross-border commercial transactions could have a big impact on global trade. Additionally, because they would be supported by the central bank and subject to strict security controls, CBDCs coul...