Web3 Can Change How Financial Information is Gathered, Processed and Reported: Nirmala Sitharaman

While addressing the 21st World Congress of Accountants on Friday, Union Finance Minister Nirmala Sitharaman said that Web3 will change the way financial information is handled.

While addressing the accountants, Sitharaman said, “When we have to look at technology and adaptation of technology, Web3 is taking over our lives. I think the manner in which financial information is gathered, processed, and also reported is going to see a big difference.”

The International Federation of Accountants (IFCA) and the Institute of Chartered Accountants of India jointly organised the 21st World Congress of Accountants. It has been held every four years since 1904, and this is the first time it has been held in India.

She also recommended that the accounting professionals should explore new technologies such as blockchain, AI, data analytics, and cloud computing. And examine how Web3 technologies will affect financial information gathering, processing, and reporting.

“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,” the finance minister added.

She concluded that Web3 technologies will assist accountants and financial analysts in resolving various issues that are currently plaguing the sector.

Nirmala Sitharaman’s Stance on Crypto

Previously, Nirmala Sitharaman had called for global crypto regulations. FM urged world leaders to lend their support and cooperation in developing a comprehensive cryptocurrency regulatory framework to mitigate ”security” risks.

She has argued that unhosted wallets enable illegal activities by facilitating cross-border transactions of cryptocurrencies and assets that have not been approved by a bank or financial institution.

Earlier, while addressing a seminar organised by the IMF, she pointed out, “I think the biggest risk for all countries across the board is the money laundering aspect and also on the aspect of currency being used for financing terror.”

Also Read: Is FTX Crash An End Of Crypto? Here’s How A Multi Billion Dollar Scam Unfolded