Indian Finance Minister Backs Web3 at Recent Accountants Event

• The FM was of opinion that accountants and financial analysts would be aided by Web3.
• Nirmala Sitharaman has previously advocated for standardized crypto rules worldwide.

At Friday’s 21st World Congress of Accountants, Union Finance Minister of India Nirmala Sitharaman forecasted that the introduction of Web3 will revolutionize the management of financial data.

The 21st World Congress of Accountants was hosted in India. And was co-organized by the International Federation of Accountants (IFCA) and the Institute of Chartered Accountants of India. Furthermore, this is the first time it has been hosted in India, however, it has been conducted every four years since 1904.

Standardized Crypto Rules

In addition, she suggested that those working in accounting learn more about cutting-edge tools like blockchain, AI, data analytics, and the cloud. The impact of Web 3.0 on the collection, processing, and reporting of financial data should be explored.

The minister added:

“All of this is going to give us the advantage, and machine learning is also going to assist us and to improvise the accounting process itself and therefore, meaningful generation of information to aid decision-making is going to be so much more machine driven.”

She arrived at the conclusion that accountants and financial analysts would be aided by Web3 technology. In addressing a number of pressing problems facing the industry at the present time.

Nirmala Sitharaman has previously advocated for standardized crypto rules worldwide. The finance minister encouraged international leaders to help create a legislative framework for cryptocurrencies to help reduce “security” concerns.

Moreover, she has said that unhosted wallets promote criminal activity by allowing the transfer of cryptocurrencies and valuables across international borders without the involvement of a financial institution.

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