India aims to develop crypto SOPs during G20 presidency, says finance minister

India aims to develop crypto SOPs during G20 presidency, says finance minister

Nirmala Sitharaman (India’s finance minister) revealed India’s plans to create standard operating procedures for cryptocurrency during its G20 presidency. This will be from Dec. 1, 2022 to Nov. 30, 20,23.

Sitharaman previously called for global cooperation to decide crypto’s future. However, she has always been cautious about mainstream crypto adoption due to risks to financial stability. On Oct. 15, Sitharaman confirmed that crypto will be part of India’s agenda (g20 presidency)”.

The G20 (or Group of Twenty) is a global forum that addresses major economic issues. Sitharaman states that no country is capable of effectively managing or regulating crypto.

“But, if it’s about platforms, trading assets created, buying and selling profits, and more importantly, if these countries are in the position to understand money trade, can we establish for what purposes it’s being used?”

Sitharaman also highlighted the use crypto assets for money laundering, as discovered by India’s Enforcement Directorate law enforcement agency.

She also stated that the G20 members have acknowledged the same concerns, while reiterating how important it is for all countries to participate in the effective regulation of crypto assets.

Related: Polygon powers India’s police complaint portal for fighting corruption

The Reserve Bank of India published a list of features and reasons behind its in-development central banking digital currency (CBDC) on Oct. 7.

This 51-page document outlines the key reasons for the issuance and maintenance of the digital rupee. These include safety, security, liquidity, settlement finality, integrity, trust, and safety. The biggest motivators for India’s digital currency include lower operational costs and better financial inclusion.

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