Global effort needed to regulate tech like cryptocurrency: FM Sitharaman

India's government has listed a Bill for Parliament's winter session, seeking to ban all private cryptocurrencies.

Global action can manage borderless technology and no country has a one-point formula, said finance minister Nirmala Sitharaman on Friday amid a debate on how India should regulate virtual currencies.

"Even as we are thinking at a national level, there should simultaneously be a global mechanism through which we are constantly monitoring the movement of technology. So whether it is your cryptocurrency, whether it is your technology-driven payment system, whether it is data privacy, whether it is ensuring that data itself is used ethically, regulating it will have to be a collective effort," she said at an event organised by