Union Finance Minister Nirmala Sitharaman has stated that India intends to develop standard operating procedures(SOPs) for cryptocurrency during its G20 presidency next year, emphasising that all countries want the technology to survive but not be abused.
“That (crypto) will also be part of India’s thing (agenda during G-20 presidency),” Sitharaman told a group of Indian reporters on Saturday before concluding her trip to Washington DC.
From December 1, 2022, to November 30, 2023, India will hold the G20 Presidency, during which time it is anticipated that it will host more than 200 G20 meetings across the nation.
The Minister said, “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.”
Sitharaman underlined that no single country can effectively handle or regulate crypto in any form.
“But if it is a question of platforms, trading on assets which have been created, buying and selling making profits and more importantly in all these are countries in a position to understand the money trade, are we in a position to establish for what purpose it’s being used?” Sitharaman asked.
To combat the concerns of money laundering and terrorism funding, Sitharaman has been arguing persuasively for international regulation of cryptocurrencies. She cited the example of how the Enforcement Directorate is working for substantial money laundering, probably cases related to crypto assets and trading.
She continued by saying that the G20 members shared the same worries and emphasised the importance of all nations participating in the regulation of crypto assets.
Also Read: India to Determine its Stance on Crypto Legality by Q1 of 2023
All of these developments provide some illumination on India’s position on cryptocurrencies. However, it’s still too early to draw any conclusions. The RBI, the nation’s central bank, has recently made progress after publishing a concept note on CBDC for India.
