Nirmala Sitharaman: Web3 Processed and Reported – Can Change Financial Data Gathering

On Friday, Union Finance Minister Nirmala Sitharaman spoke at the 21st World Congress of Accountants and declared that Web3 will revolutionise the way financial data is managed.

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Finance professionals: “When we have to look at technology and adaptation of technology, Web3 is taking over our lives,” Sitharaman stated. There will be significant changes in how data on the economy is collected, analysed, and reported, I believe.

21st World Congress of Accountants

The 21st World Congress of Accountants was hosted jointly by the International Federation of Accountants (IFCA) and the Institute of Chartered Accountants of India. Having occurred every four years since 1904, this year marks the event’s debut in India.

She further suggested that those working in accounting learn more about blockchain, AI, data analytics, and the cloud. Consider the impact Web3 technologies will have on the collection, processing, and reporting of economic data.

The finance minister

The finance minister continued, “All of this is going to give us the advantage, and machine learning is also going to assist us and to innovate the accounting process itself and thus, meaningful generation of information to aid decision-making is going to be so much more machine driven.”

She came to the conclusion that accountants and financial analysts could use Web3 technologies to better deal with the problems that have long plagued their profession.

Cryptocurrency and Nirmala Sitharaman’s Views

Nirmala Sitharaman had previously advocated for uniform crypto rules worldwide. FM pleaded with world leaders to help create a regulated framework for cryptocurrencies to reduce security issues.

She has said that the ease with which cryptocurrencies and assets can be transferred across borders without the involvement of a financial institution is a key factor in the proliferation of criminal activity enabled by unhosted wallets.

IMF seminar

IMF seminar earlier, she said, “I think the biggest concern for all countries across the board is the money laundering component and also on the topic of currency being used for financing terror.”

Source: Google Trend

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