Many Countries Have Cautioned Against Rushing Into Cryptocurrencies, Says FM Nirmala Sit…

Washington: Many countries have cautioned against rushing into cryptocurrencies, Union Finance Minister Nirmala Sitharaman said on Sunday, as Facebook’s proposed virtual currency Libra became a buzzword during the annual meeting of the International Monetary Fund and the World Bank.

In fact, Reserve Bank of India Governor Shantikanta Das spoke about cryptocurrencies during one of the interventions this week. The RBI has banned the use of cryptocurrencies in India.

“On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this,” Sitharaman told a group of Indian reporters in response to a question on the discussions on Libra, the proposed virtual currency from Facebook, which was one of the talked about topics this annual meeting.

“Some of them (countries) of course even suggested that they shouldn’t be using, all of us shouldn’t be using the name stable currency because that’s the…