India aims to develop crypto SOPs during G20 presidency
The finance minister of India, Nirmala Sitharaman expressed India's plan to develop standard operating procedures (SOPs) for cryptocurrencies during its G20 presidency from Dec 1, 2022, to Nov 30, 2023.
Nirmala Sitharaman earlier called for global collaboration to decide on crypto's future and has been cautious against mainstream crypto adoption citing risks to financial stability.
According to Nirmala Sitharaman, no country can alone effectively handle or regulate crypto.
“But if it’s a question of platforms, trading of assets which have been created, buying and selling making profits and, more importantly in all, these countries are in a position to understand the money trade, are we in a position to establish for what purpose it’s being used?”
Also, Nirmala Sitharaman added the use of crypto assets in money laundering as detected by India's law enforcement agency.
Nirmala Sitharaman said that G20 members have also acknowledged the same concerns while reiterating the need for the participation of all countries when it comes to effectively regulating crypto assets.
The Reserve Bank of India published a list of proposed features and reasoning behind its development of central bank digital currency (CBDC).
The 51-page paper summarizes key motivations for the distribution of the digital rupee. which include trust, safety, liquidity, settlement finality, and integrity some of the biggest motivations for India's digital currency are reduced operational expenses and improved financial inclusion.