Nirmala Sitharaman flags Anonymity as a risk in using blockchain

Nirmala Sitharaman flags Anonymity as a risk in using blockchain

Finance Minister Nirmala Sitharaman has marked anonymity as an “inherent risk” in blockchain technology.


Finance Minister Nirmala Sitharaman on Saturday marked anonymity as an “inherent risk” in blockchain technology and called for precautions to be taken in the future given the increased use of the technology.

The finance minister made it clear that the use of distributed ledger technology (DLT), also known as blockchain, is “absolutely mandatory” and that the government also supports its use.

The minister’s remarks come ahead of the launch of the central bank digital currency (CBDC) budget announcement, which is based on blockchain technology itself and is billed similar to paper money carried in a wallet. ours.

“Anonymity is the thing… an unknown element in this whole thing. The anonymity of a human or anyone or a robot is something that we have to be completely ready for because… a challenge in the future,” said Ms. Sitharaman, speaking before an NSDL event here.

Ms Sitharaman said DLT is a great technology that will help democratize but being seen as anonymous is an “inherent risk” that we need to watch out for.

Sitharaman says that anonymity is an “inevitably strong” in the whole equation, “unless we can protect ourselves against the element of anonymity that can pose inherent risks, we can’t. will expose ourselves more than we ever imagined. Ms. Sitharaman commended Securities and Trader India (SEBI) chief executive officer Madhabi Puri Buch, who spoke before her at the same event, for giving us “the right warning”. about the risk of anonymity and also for advocating DLTs.

Ms. Buch said we do not wish to remain anonymous in the CBDC, which was launched by banking regulator RBI during the fiscal year.

According to the central bank, significant progress has been made regarding the introduction of CBDCs.

Meanwhile, Ms. Sitharaman said private crypto assets such as Bitcoins are “fairly well-spread” in India.

Buch said DLT’s strengths include transparency, real-time, infinite divisibility, and it’s a cost-effective medium.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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