India Plans To Establish Cryptocurrency SOPs Amid G20 Presidency, Says Finance Minister

Nirmala Sitharaman, India’s finance minister, disclosed the strategy of the country to construct standard operating procedures (SoPs) covering the crypto assets while it engages in the G20 presidency between 1st December of this year to 30th November of the next year.

India to Define SoPs for Crypto during Its Presidency of G20

Before this, the finance minister has called for worldwide cooperation to determine the future of the crypto sector. Apart from that, she has been clearly expressing caution against the adoption of cryptocurrency on the mainstream level while referring to the hazards posed to financial stability across the globe.

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Nonetheless, while responding to the local reporters in India on 15th October, she made it clear that the authorities of the country will include crypto assets in the framework during India’s G20 presidency. Group of Twenty (also known as G20) is a worldwide forum to deal with the prominent problems related to the economy worldwide.

Indian Finance Minister Calls for G20 Members to Have a Joint Agenda over Crypto Regulation

As per Sitharaman, it would be very difficult for any country to solely tackle the regulation of cryptocurrency and remain successful in doing that.

The finance minister added that – on the other hand – in the case of the venues (which are involved in the creation, trading, as well as purchasing of crypto assets to make profits), the countries can jointly define an agenda to comprehend these things and better come up with a fine regulation of this sector.

Sitharaman additionally pointed out the utilization of crypto in illegal operations like money laundering as detected by the Enforcement Directorate (the law enforcement agency of India).

According to the finance minister of India, G20’s member countries have also admitted such apprehensions while proposing that there is a requirement for the countries to offer a full contribution in the case of efficiently regulating the crypto space.

On the 7th of this month, a series of suggested features as well as the logic at the back of developing a central bank digital currency (CBDC) – which is at the moment in its progress – have been issued by the Reserve Bank of India. The respective document, comprising fifty-one pages, provides a summary of the chief motivations to release a digital rupee.

These points take into account integrity, settlement finality, liquidity, safety, and trust. A few of the most prominent motivations for the digital currency of the country include better financial inclusion and minimized operational costs.

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