India Aims to Develop Crypto SOPs During G20 Presidency, Says Finance Minister
Sitharaman has previously called for global collaboration to decide the future of crypto and has been cautious about adopting cryptography by the general public, citing risks to financial stability.
New
India's Finance Minister, Nirmala Sitharaman, has revealed India's plan to develop Standard Operating Procedures (SOPs) for cryptocurrencies during its G20 Presidency from 1 December 2022 to 30 November 2023.
Sitharaman has previously called for global collaboration to decide the future of crypto and has been cautious against mainstream crypto adoption, citing financial stability risks. However, speaking to local Indian journalists on October 15, she confirmed, "This (crypto) will also be on India's agenda (agenda during G20 Presidency).
The G20, or Group of Twenty, is a global forum to address major issues related to the global economy. According to Sitharaman, no single country can effectively manage or regulate cryptography on its own, adding that:
"But if it's platforms, exchanges of assets that have been created, buying and selling making profits and, above all, these countries are able to understand the trade of the money, are we able to establish for what purpose it is used?"
Sitharaman further pointed to the use of crypto assets in money laundering, detected by India's law enforcement agency, the Enforcement Directorate.
She further added that G20 members have also acknowledged the same concerns while reiterating the need for all countries to participate when it comes to effectively regulating crypto assets.
Related:
Sitharaman has previously called for global collaboration to decide the future of crypto and has been cautious about adopting cryptography by the general public, citing risks to financial stability.
New
India's Finance Minister, Nirmala Sitharaman, has revealed India's plan to develop Standard Operating Procedures (SOPs) for cryptocurrencies during its G20 Presidency from 1 December 2022 to 30 November 2023.
Sitharaman has previously called for global collaboration to decide the future of crypto and has been cautious against mainstream crypto adoption, citing financial stability risks. However, speaking to local Indian journalists on October 15, she confirmed, "This (crypto) will also be on India's agenda (agenda during G20 Presidency).
The G20, or Group of Twenty, is a global forum to address major issues related to the global economy. According to Sitharaman, no single country can effectively manage or regulate cryptography on its own, adding that:
"But if it's platforms, exchanges of assets that have been created, buying and selling making profits and, above all, these countries are able to understand the trade of the money, are we able to establish for what purpose it is used?"
Sitharaman further pointed to the use of crypto assets in money laundering, detected by India's law enforcement agency, the Enforcement Directorate.
She further added that G20 members have also acknowledged the same concerns while reiterating the need for all countries to participate when it comes to effectively regulating crypto assets.
Related:
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