Nirmala Sitharam recently appeared in the third edition of FICCI Leads, where she stated that the use of blockchain is estimated to increase by 46% in the years to come.
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 of Finance & Corporate Affairs.
While talking about blockchain technology, Nirmala Sitharamn also said that Artificial Intelligence could play a larger role in the fintech industry. There is no specific detail about how Artificial Intelligence will help the fintech industry; however, a rough idea she shared was that AI could help detect crime and fraud and quantify risk.
Since the future of finance is digital, there will be a core discussion about how the impact on climate can be controlled with the advancement of a new era.
A rise in blockchain technology could pave the way for the greater adoption of cryptocurrency, with more details awaited. If the talks are in favor of the crypto community, then a big wave can be expected to arrive in India as per the latest crypto news.
Dr. Ruth P. Goodwin-Groen, the Managing Director & Founder of Better Than Cash Alliance, shares the same belief that there is a huge opportunity in India to create a future that works out for everybody.
Markets in India have a positive wide adoption and growth provided the customer base reacts strongly to the offering.
Technology was the only center of attention during the third edition of FICCI Leads. Mr. Richard Abel, the Managing Director of Macquarie Group for the UK Climate Investment, went a step ahead to say that the future of finance would depend a lot on how much importance is given to gender diversity, inclusion, and equity.
Moreover, global collaboration will form the backbone of all financial developments, believes Ms. Naina Lal Kiwai, the Past President of FICCI. She highlighted that the future of finance could only be constructed if global partnership is considered.
As the use of technology increases in the financial sector, there will be a rising threat from the bad actors looking to steal the data and funds of the users. Many more black swan events can happen, and the financial sector must be ready to deal with all those events, adds Nirmala Sitharaman.
The overall picture, as painted by Snajic Mehta, is that there is a need to advocate the realignment of credit lines along with the promotion of greater impetus on sustainable financial instruments.
A specific reason for the increase in the usage of blockchain technology is yet to be quoted by an analyst.
India previously imposed a tax of 30% on all incomes generated from cryptocurrency. The rule was implemented on April 01, followed by the imposition of TDS at 1% for transactions exceeding the value of ₹10,000/-, approximately $125 from July 01.