Nirmala Sitharaman: Web3 Can Change the Way Financial Information Is Collected, Processed, and Reported
On Friday, Nirmala Sitharaman, Union Finance Minister, addressed the 21st World Congress of Accountants. She stated that Web3 will revolutionize the way financial information is managed.
Sitharaman addressed the accountants and stated, “When technology is adapted to technology, Web3 takes over our lives.” The way financial information is collected, processed, and reported will make a huge difference.
The 21st World Congress of Accountants was jointly organized by the International Federation of Accountants and the Institute of Chartered Accountants of India. It is held every four years since 1904 and this year it is held in India.
She also suggested that accounting professionals explore new technologies like blockchain, AI and data analytics. Also, consider how Web3 technologies can impact financial information gathering, processing and reporting.
“All of these are going to give us an advantage, and machine-learning is also going to help us and to improve the accounting process itself, and therefore, meaningful generation information to aid decision making is going to be so more machine driven,” said the finance minister.
She concluded that Web3 technologies would be a great help to accountants and financial analysts in resolving many issues currently plaguing the sector.
Nirmala Sitharaman’s View on Crypto
Nirmala Sitharaman previously called for global crypto regulations. FM appealed to world leaders to support and cooperate in the development of a comprehensive crypto regulatory framework to reduce “security” risks.
She argued that unhosted wallets facilitate illegal activities by facilitating cross border transactions of cryptocurrencies or assets that have not been approved to a bank or financial institution.
She made the remarks earlier, at a seminar organized by the IMF.
Also read: Is FTX Crash an End To Crypto? Here’s how a multi-billion dollar scam unfolded
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