Use of Blockchain estimated to rise as Per Nirmala Sitharaman
Nirmala Sitharam recently appeared in the third edition of FICCI Leads, where she stated that the use of blockchain is projected to increase by 46% in the coming years.
The future of finance remained the central theme of the event, with several speakers sharing their thoughts. The event started with Sanjiv Mehta, the President of FICCI welcoming Nirmala Sitharaman, the Union Minister for Finance and Enterprise.
While talking about blockchain technology, Nirmala Sitharamn also said that artificial intelligence can play a bigger role in the fintech industry. There is no specific detail on how artificial intelligence will help the fintech industry; But one rough idea she shared was that artificial intelligence could help detect crime and fraud and quantify risk.
As the future of finance is digital, there will be a core discussion about how the impact on the climate can be controlled with a new era.
An increase in blockchain technology could pave the way for greater use of cryptocurrency, with more details to come. If the talks go in favor of the crypto community, a big wave can be expected to arrive in India at the latest crypto news.
Dr. Ruth P. Goodwin-Groen, CEO and Founder of the Better Than Cash Alliance, shares the same belief that there is a huge opportunity in India to create a future that works for all.
The markets in India have a positive broad adoption and growth provided the customer base responds strongly to the offering.
Technology was the sole center of attention during the third edition of FICCI Leads. Mr. Richard Abel, Macquarie Group CEO of UK Climate Investment, went a step ahead to say that the future of finance will depend a lot on how much importance is given to gender diversity, inclusion and equality.
Moreover, global cooperation will form the backbone of all economic development, believes Naina Lal Kiwai, former president of FICCI. She emphasized that the future of finance can only be constructed if global partnership is considered.
As the use of technology increases in the financial sector, there will be an increasing threat from the bad actors who want to steal data and funds of the users. Many more Black Swan events can happen and the financial sector needs to be ready to handle all these events,” adds Nirmala Sitharaman.
The overall picture, as painted by Snajic Mehta, is that there is a need to advocate for a readjustment of credit limits along with promoting greater impetus for sustainable financial instruments.
A specific reason for the increase in the use of blockchain technology has not yet been cited by an analyst.
India has previously imposed a 30% tax on all income generated from cryptocurrency. The rule was implemented on April 1, followed by the introduction of TDS at 1% for transactions exceeding the value of ₹ 10,000/-, roughly $125, from July 1.
