India Wants Crypto Sops To Be Developed During Its G20 Presidency

The Indian government wants to hold the G20 presidency and the group’s meetings in 2023 to create standard operating procedures (SOPs) for better management and regulation of cryptocurrencies in India and other regions. 

India is slated to take over the presidency of the G20 countries starting December 1, 2022, and will be held for a year. The G20, or Group of Twenty, is a global forum for discussing major global economic issues. 

According to a recent announcement by Indian finance minister Nirmala Sitharaman, India has been calling for global coordination among countries and regulators to create a framework for regulating cryptocurrencies across various jurisdictions. 

The aim of creating a globally accepted framework is to control the future of cryptos while also being mindful and cautious of the mainstream adoption of cryptocurrencies because of a potential threat to national and global financial stability. 

India believes no single country can handle or regulate cryptocurrencies and transactions effectively. 

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But, if it’s an issue of platforms, buying and selling of created assets, purchasing and selling for profit, and, most notably, countries’ ability to comprehend the money trade, is it possible to determine for what purpose it’s being used – is the contention of the Indian government. 

India is also very concerned about crooks using cryptocurrencies for money laundering, which has already been happening by the Indian law enforcement agency Enforcement Directorate.

Members of the G20 have expressed similar concerns while emphasizing the importance of all countries working together to regulate crypto assets effectively.

The Reserve Bank of India published a list of proposed features and reasoning for its in-development central bank digital currency (CBDC) on October 7. 

The 51-page report outlines the main reasons for the digital rupee’s issuance, including trust, safety, liquidity, settlement finality, and integrity. Diminished operational expenditures and increased financial inclusion are two of the most compelling reasons for India’s digital currency.

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