India to develop crypto SOPs during G20 presidency: Nirmala Sitharaman

During its G20 presidency, which runs from December 1, 2022, to November 30, 2023, India’s Finance Minister Nirmala Sitharaman announced the country’s plan to develop standard operating procedures (SOPs) for cryptocurrencies.

Sitharaman has previously advocated for global cooperation to decide on the future of cryptocurrencies and has been wary of the widespread use of cryptocurrencies, citing threats to financial stability.  On October 15, she affirmed, “That (crypto) will also be part of India’s thing (agenda during G20 presidency),” while addressing local Indian reporters.

Sitharaman believes in global cooperation

The G20, or Group of Twenty, is an international forum for discussing the most important issues faced by the global economy. No nation can manage or control cryptocurrencies effectively on its own, claims Sitharaman, who also adds that:

“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?”

Sitharaman also brought up the findings by the Indian law enforcement agency Enforcement Directorate regarding the crypto use in money laundering.

She continued by saying that the G20 members shared the same concerns and emphasized the importance of having all nations participate in the effective regulation of crypto assets.

The Reserve Bank of India published a list of suggested features and rationale for its under-construction central bank digital currency on October 7.

The 51-page document explains the main reasons for issuing the digital rupee, which includes integrity, trust, safety, and liquidity. Reduced operating expenses and increased financial inclusion are two of the main drivers behind India’s digital currency.

Recently, the country’s Firozabad Police department launched a pilot complaint filing portal on Polygon Network to achieve transparency and minimize corruption in the department.