India wants to create crypto SOPs while holding the G20 chair
Sitharaman has already urged for global cooperation to determine the future of cryptocurrencies and has cautioned against the widespread use of cryptocurrencies, citing threats to financial stability.
Nirmala Sitharaman, the finance minister of India, disclosed India’s intention to create standard operating procedures (SOPs) for cryptocurrencies during its G20 chairmanship, which would run from December 1, 2022, to November 30, 2023.
Sitharaman has already advocated for international cooperation to determine the future of cryptocurrencies and has cautioned against widespread crypto adoption, citing threats to financial stability. However, she acknowledged to local Indian media on October 15: “That (crypto) would also be on India’s agenda (during its G20 presidency).”
The G20, often known as the Group of Twenty, is a worldwide conference for discussing the most pressing global economic concerns. According to Sitharaman, no nation can manage or regulate crypto successfully on its own.
Sitharaman emphasized further the use of crypto assets in money laundering, as identified by India’s Enforcement Directorate.
She went on to say that members of the G20 have also recognized the same issues while underlining the necessity for all nations to participate in the regulation of crypto assets.
The Reserve Bank of India issued a list of planned features and rationale for the central bank digital currency under development on October 7.
The 51-page paper explains the primary reasons for the issuing of the digital rupee, including confidence, security, liquidity, settlement finality, and integrity. Reduced operating expenses and enhanced financial inclusion are two of the primary reasons for India’s adoption of digital currency.