India Aims To Develop SOPs For Crypto During The G20 Presidency

According to Finance Minister Nirmala Sitharaman, India intends to create standard operating procedures for cryptocurrencies during its G20 presidency next year, emphasizing that all countries want the technology to survive but not be misused.

Sitharaman has previously called for global collaboration to determine the future of cryptocurrency and has been skeptical of mass crypto adoption, citing concerns about financial stability. However, in an interview with local Indian journalists on October 15, she confirmed:

“That will also be part of India’s thing.”

India will hold the G20 Presidency for one year, from December 1, 2022, to November 30, 2023. Beginning in December 2022, India’s Presidency is planning to host over 200 G20 meetings around the country.

Sitharaman has strongly argued for worldwide regulation of cryptocurrencies to combat the hazards of money laundering and terrorist funding.

Noting that organizations affiliated with the G-20, the World Bank, or any other such body are doing their own assessments and research on cryptocurrencies or crypto assets, the minister stated:

“We would definitely want to collate all this and do a bit of study and then bring it on to the table of the G-20 so that members can discuss it and hopefully arrive at a framework or SOP so that globally, countries can have a technology-driven regulatory framework.”

The G20 is an international meeting made up of 19 countries as well as the European Union. It focuses on significant global economic challenges such as international financial stability, climate change mitigation, and sustainable development.

Sitharaman also emphasized the usage of cryptocurrency assets in money laundering as discovered by India’s law enforcement agency, the Enforcement Directorate.

She went on to say that members of the G20 have expressed similar concerns while emphasizing the need for all countries to work together to adequately regulate crypto assets.

In July, Sitharaman stated that the Reserve Bank of India (RBI) had raised worries about cryptocurrencies, stating that they should be regulated since they might destabilize monetary and fiscal stability.

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