India During G20 Presidency Plans to Develop Crypto SOPs

Subh Rath

October 18, 2022

India will soon take up the G20 chairmanship from Indonesia. Preparations for the same are ongoing. While the plan and priorities for the presidency are still being developed, India is committed to focusing on problems of essential global relevance. The G20 includes the world’s top economies, established and emerging, and accounts for 80% of worldwide GDP, 75% of global commerce, and two-thirds of the global population. It is now the world’s primary organization for dealing with global economic and development challenges.

Due to the pandemic, debt distress, food and energy security, and the triple planetary crises of climate change, biodiversity loss, pollution, instability, and violence, the globe is experiencing a “uniquely trying moment.” Among other things, will India’s G20 presidency in 2023 also contribute to the advancement of the crypto world?

During India’s tenure as G20 president from December 1, 2022, to November 30, 2023, the country’s finance minister, Nirmala Sitharaman, announced that India would create SOPs for cryptocurrencies.

Key Takeaways:

The Group of Twenty, sometimes known as the G20, is an international forum that focuses on resolving the international economy’s most pressing problems. According to Sitharaman, no single nation can properly handle or control cryptocurrency on its own. She further adds to her statement:

“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 further shed light on the fact that India’s law enforcement body, the Enforcement Directorate, has uncovered instances of crypto assets used in illegal money laundering.

She also said that members of the G20 have also acknowledged the same concerns while at the same time reaffirming the need for the engagement of all countries when it comes to successfully regulating crypto assets.

Even in the past, Sitharaman has advocated for international cooperation to determine the future of cryptocurrencies and has cautioned against the widespread use of cryptocurrencies, citing potential threats to financial stability. On the other hand, while she was speaking to Indian media on October 15, she stated that “That (crypto) will also be part of India’s thing” (agenda during India’s chairmanship of the G20).

Will India’s plan for a more secure crypto world come into action in the planned time? What do you think this approach will initiate? Keep reading for more crypto news!