Nirmala Sitharaman is the finance minister in India. He has unveiled a new plan by India to develop so-called ‘Standard Operating Procedures’, or SOPs, for cryptocurrencies. They want to do this during their G20 presidency, which runs from December 1, 2022 to November 30, 2023.
Global collaboration for the future of crypto
Previously, Sitharaman has called for a global collaboration to make a decision about the future of digital assets. Also, India has been cautious in terms of adopting mainstream cryptocurrencies to date. A major reason for this was the risks to financial stability. Still, crypto will become part of India. It is therefore important to establish a regulatory framework.
The ‘Group of Twenty’, or the G20, is in turn a global forum for addressing the most important issues associated with the global economy. According to Sitharaman, no country can handle or regulate crypto effectively on its own. To this was added the following by Sitharaman:
But when it comes to platforms, trading created assets, buying and selling for a profit and, most importantly, these countries are in a position to understand money trading, are we in a position to identify what it is being used for? used?
Combating money laundering
It was further emphasized that crypto assets are used by criminals to launder money. Also in India, this is increasingly being detected by their law enforcement agency.
Some other members of the G20 are also said to have expressed similar concerns about crypto. It could therefore work well to devise and maintain a global approach to this. However, it is not yet known whether the G20 will come up with such an approach.