The country has identified the use of cryptocurrencies in money laundry and terror financing as a big risk for all countries no matter where they are on earth.

India believes that only a global framework can stem the tide of crypto crimes because no single country can handle it. Regulation can come only when all countries come together.

For the global framework to succeed, technology is the only answer. Such technology has to be across the board if it should succeed, according to the finance minister, who also said that India has introduced a 30 percent tax on crypto transactions in order to identify those behind the transactions.