Does the Finance Minister of India support Web3? FM believes that Web3 will help accountants and auditors. Nirmala Sitharaman has previously advocated for standardized privacy laws around the world. At the 21st World Congress of Accountants on Friday, India’s Union Finance Minister Nirmala Sitharaman predicted that the introduction of Web3 will revolutionize financial data management.
The 21st World Congress of Accountants was held in India. It is organized by the International Federation of Accountants (IFCA) and the Institute of Chartered Accountants of India. Also, this is the first time it is being held in India, however, it has been held every four years since 1904.
Web3 and Standard cryptographic principles
In addition, he suggested that those who work in accounting learn more about cutting-edge tools such as blockchain, AI, data analysis, and the cloud. The impact of Web 3.0 on the collection, processing and reporting of financial data should be investigated. The minister added: “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.”
He came to the conclusion that accountants and auditors will be helped by Web3 technology. To solve the many critical problems facing the industry today. Nirmala Sitharaman has previously advocated for standardized privacy laws around the world.
The Minister of Finance encouraged international leaders to help create a legal framework for cryptocurrencies to reduce “security” concerns. Furthermore, he said that non-approved wallets support criminal activity by allowing the transfer of cryptocurrencies and valuables across international borders without the involvement of financial institutions.
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