Washington: Many countries have cautioned against rushing into crypto currencies, 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 crypto currencies during one of the interventions this week. Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind," she said. "In fact, this morning some of the presentations were also highlighting the strengths of such virtual currency. Georgieva said digital currency can be abused for illegal purposes and, in the worst case, for the financing of terrorism.

Source: Mint October 20, 2019 01:52 UTC