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

Indian Finance Minister Nirmala Sitharaman has revealed that India plans to develop a standard operating procedure (SOP) for cryptocurrencies during the G20 presidency from December 1, 2022 to November 30, 2023. did.

Sitharaman has previously called for global cooperation to determine the future of cryptocurrencies and was wary of mainstream crypto adoption, citing risks to financial stability. But speaking to a local Indian reporter on Oct. 15, she admitted, “It’s also part of the India thing[the agenda during the G20 presidency].”

The G20, or Group of Twenty, is the global forum for addressing major issues related to the world economy. According to Sitharaman, no single country can effectively handle or regulate cryptocurrencies, adding:

“But that’s the problem with platforms, trading assets that are created, buying and selling profitably, and more importantly, these countries are in a position to understand money trading and what we are doing for Are you in a position to establish? What is your intended use?”

Sitharaman further highlighted the use of cryptocurrencies in money laundering that was detected by the Indian law enforcement agency, the Enforcement Directorate.

She added that members of the G20 are aware of similar concerns and have reiterated the need for the participation of all countries when it comes to effectively regulating crypto-assets.

Related: Polygon Strengthens Indian Police Complaint Portal to Fight Corruption

On October 7th, the Reserve Bank of India released a list of the proposed features and reasons behind the developing Central Bank Digital Currency (CBDC).

The 51-page document summarizes the key motivations for issuing the digital rupee, including trust, security, liquidity, settlement finality and integrity. Some of the biggest motivations for India’s digital currency are reducing operational costs and improving financial inclusion.