Indian Finance Minister Nirmala Sitharaman revealed India’s plan to develop standard operating procedures (SOPs) for cryptocurrencies during her G20 presidency, from December 1, 2022 to November 30, 2023.
Sitharaman has previously called for a global collaboration to decide the future of cryptocurrencies and has been cautious about the adoption of cryptocurrencies in general, citing risks to financial stability. However, speaking to local Indian journalists on Oct. 15, she confirmed: “That (cryptocurrency) will also be part of the India thing (the agenda during the G20 presidency).”
The G20, or Group of Twenty, is a global forum for dealing with major issues related to the global economy. According to Sitharaman, no single country can effectively manage or regulate cryptocurrencies, and he added that:
“But if it’s about platforms, about trading assets that have been created, about buying and selling making a profit, and most importantly of all, these countries are in a position to understand money trading, are we in a position to establish for what purpose it is being used?”
Sitharaman further highlighted the use of crypto assets in money laundering detected by the Indian police agency, the Enforcement Directorate.
He further added 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.
On Oct. 7, the Reserve Bank of India released a list of proposed features and reasoning behind its developing central bank digital currency (CBDC).
The 51-page document outlines the key motivations for issuing the digital rupee, including trust, safety, liquidity, settlement finality, and integrity. Some of the main motivations for the Indian digital currency are the reduction of operational costs and the improvement of financial inclusion.
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