Why Nirmala Sitharaman Sees Greater Scope in Web3?

Key Insights

• Nirmala Sitharaman encouraged accountants to use Web3, Blockchain, AI, and similar concepts.
• The finance minister also encouraged the development of comprehensive crypto laws to regulate crypto activities. 
• India might soon overcome its grey zone in Blockchain operations and show a positive move. 

Finance Minister Nirmala Sitharaman attended the 21st World Congress of Accountants, hosted by The International Federation of Accountants (IFCA) and the Institute of Chartered Accountants of India. The event was held in India for the first time.

At this event, Nirmala Sitharaman encouraged accountants to use Web3, Blockchain, AI, and similar concepts for better financial management. 

Sitharaman Backs Web3

The finance minister urged all accountants to rely on Web3 using Blockchain technology, cloud computing, and data analytics for better financial handling. Sitharaman believes Web3 could help accountants collect, assess, and interpret data more efficiently. She also claims Web3 could help accountants overcome various issues in ensuring efficient financial management. 

India's Gradual Shift in Perception of Crypto

There are several reasons why the crypto market failed to operate or set a base in India. One of the primary reasons was the lack of awareness and skills in crypto trading. Such an issue mainly stemmed from the lack of financial literacy. Moreover, the finance minister also encouraged the development of comprehensive crypto laws to regulate crypto activities. 

However, with Sitharaman's recent statement, the change of stance on crypto is evident. While previously, the minister disclosed her and the country's constant concern about money laundering activities carried out through crypto transactions. However, with the minister encouraging accountants to rely on Web3, the evident shift in stance is undeniable. 

India Might Use Web3 for Its Operations

With the recent declaration of Nirmala Sitharaman, the government's trust in Web3 and Blockchain technologies is evident. This also marks the way for crypto in India.

If the country encourages using Web3 and Blockchain in financial handling and other activities, it is bound to develop more trust in people. Thus, India might soon overcome its grey zone in Blockchain operations and show a positive move. 

The use of Web3 is not only expected to bring about fruitful results in data management and analytics but also combat other possible threats in the Blockchain industry—no wonder the country is not far off from witnessing the benefits of Web3.