Sitharaman disclosed India’s intention to create cryptocurrency standard operating procedures (SOPs) while it has the G20 presidency from December 1, 2022, to November 30, 2023.
Nirmala Sitharaman, India’s finance minister, has already called for international cooperation to decide on the future of cryptocurrencies and has been wary of widespread adoption, citing risks 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.
The G20, or Group of Twenty, is an international meeting for discussing the most important problems affecting the world economy. No nation can manage or control cryptocurrency successfully on its own, claims Sitharaman, who also notes 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 Enforcement Directorate, an Indian law enforcement organization, which had discovered the usage of cryptocurrency assets in money laundering.
She continued by saying that the G20 members shared the same worries 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 characteristics and justification for its under construction central bank digital currency on October 7. (CBDC).
The 51-page document explains the main reasons for issuing the digital rupee, which include integrity, trust, safety, and liquidity. Reduced operating expenses and increased financial inclusion are two of the main drivers behind India’s digital currency.