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Nirmala Sitharaman Flags Anonymity As 'Inherent Risk' In Use Of Blockchain

The finance minister made it clear that using the distributed ledger technology (DLT), which is also called as blockchain, is “absolutely imperative” and the government also supports the use of the same

Union Minister was addressing the Silver Jubilee Celebration of India’s largest depository, National Securities Depository Limited (NSDL), in Mumbai today, 07th May 2022. 

Minister Sitharaman spoke about the progress being made by FinTech companies in the country and how India has been playing a leading role in this sector. “Startups in fintech today are doing extraordinary work,” she lauded. She also mentioned how investors across the globe are paying attention to the success of our fintech companies.

The finance minister made it clear that using the distributed ledger technology (DLT), which is also called as blockchain, is an absolutely imperative and the government also supports the use of the same

Finance Minister Nirmala Sitharaman flagged anonymity as an 'inherent risk' in blockchain technology and called for taking precaution in future with a rise in the use of this technology.  

The finance minister made it clear that using the distributed ledger technology (DLT), which is also called as blockchain, is “absolutely imperative” and the government also supports the use of the same. 

The minister's remarks come ahead of the launch of the budgetary announcement of central bank digital currency (CBDC) which is based on the blockchain technology itself and is billed as being similar to the paper currency carried in our wallets.  

Sitharaman said the retail investment journey has transformed in the last two or three years, with new demat account opening zooming to 26 lakh per month in FY22 from 12 lakh in FY21 and just 4 lakh a month in FY20. 

She said the retail investors act as “shock absorbers” as the foreign portfolio investors have come in and gone as per the global cues. 

Pointing out to the total $4 trillion in custody value held by NSDL, Sitharaman said the buoyancy in retail account opening is a prime reason for the high asset value.


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