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Home » India Called For Global Collaboration To Develop Crypto SOP During G20

India Called For Global Collaboration To Develop Crypto SOP During G20

  • Crypto

India’s plan to create standard operating procedures (SOPs) for cryptocurrencies during its G20 presidency, from December 1, 2022, to November 30, 2023, was made public by Nirmala Sitharaman, the country’s finance minister.

Sitharaman has previously advocated for international cooperation to decide on the future of cryptocurrencies and has been cautions against main stream crypto adoption, citing threats to financial stability. On October 15, she affirmed, “That (crypto) will also be part of India’s thing (agenda during G20 presidency)” while addressing to local Indian reporters.

The G20, or Group of Twenty, is an international meeting for discussing the most important problems affecting the world economy. No nation can manage or control cryptocurrency successfully on its own, claims Sitharaman, who also notes that:

"But, if it's an issue of platforms, trading of assets, buying & selling for profit, and, more crucially, these countries are able to understand the money trade, are we able to determine for what purpose it's being used?" 

Sitharaman also brought up the Enforcement Directorate, an Indian law enforcement organisation, which had discovered the usage of cryptocurrency assets in money laundering.

She continued by saying that the G20 members shared the same worries and emphasised the importance of having all nations participate in the effective regulation of crypto assets.

The Reserve Bank of India published a list of suggested characteristics and justification behind its in development central bank digital currency (CBDC) on October 7.

The 51-page document explains the main reasons for issuing the digital rupee, which include integrity, trust, safety, & liquidity. Reduced operating expenses and increased financial inclusion are two of the main drivers behind India’s digital currency.