India Finance Minister: India Plans To Develop SOPs For Crypto During Its G20 Presidency
The finance minister of India, Nirmala Sitharaman, revealed the country’s intentions to develop standard operating procedures (SOPs) for crypto during India’s G20 presidency that will take place from Dec. 1, 2022, to Nov. 30, 2023.
G-20, or Group of Twenty, is an international forum for discussing global economic issues.
Discussing Future of Crypto In India
In the past, Sitharaman has called for global collaboration on crypto’s future and cautioned against mainstream crypto adoption due to its potential risks for financial stability.
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However, on October 15 she spoke to local Indian reporters confirming “That (crypto) will also be part of India’s thing (agenda during G20 presidency).”
Cryptocurrencies cannot be effectively handled or regulated by any country alone, Sitharaman asserted.
“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?,” she said.
Highlighting The Use of Crypto for Money Laundering
Moreover, Sitharaman discussed how India’s law enforcement agency, Enforcement Directorate, detected crypto assets being used in money laundering.
Additionally, she stated the G20 members have acknowledged the same concerns while reiterating the need for all countries to be involved when it comes to regulating crypto assets effectively.
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A list of proposed features and reasoning behind an in-development central bank digital currency (CBDC) was released by the Reserve Bank of India on Oct. 7.
This 51-page document summarizes the key motivations behind the issue of the digital rupee, including trust, safety, liquidity, and finality of settlement.
The main reasons for India’s introduction of digital currency are to reduce operational costs and to increase financial inclusion.
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