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India set to float crypto SOPs in 2023

India

India has announced through its finance minister that it would float standard operating procedures regarding digital assets during its tenure in the G20 presidency. The country is scheduled to take the reins at the presidency in December, with its tenure expected to end by November 2023. The finance minister, Nirmala Sitharaman, has been vocal about digital assets and their future. The minister once made a rallying cry for collaboration among countries to deliberate on the future of the assets.

The FM wants a consensus to regulate crypto

Sitharaman has been known to hold a closed stance on the assets while stating the risks applicable to their adoption by the general public. However, the stance looks set to be changed after she told the media that the country would discuss crypto extensively during its G20 presidency.

The G20 is a forum of leading countries worldwide where severe issues are deliberated on with the end game of finding solutions to the problems. Sitharaman also mentioned that digital assets are very extensive, so it should not be up to just one country to deliberate on its regulation. She also mentioned that countries need to be aware of the purpose that digital assets and their industry serve them.

India releases CBDC roadmap

The finance minister has also talked about the ills in the crypto sector, especially regarding the issue of money laundering, which has been a menace across India. The enforcement directorate of India has also reiterated the massive increase in these activities over the last few months. She also pointed out that members of the G20 share the same concerns about the crypto market. This is why she feels there should be a consensus when discussing how the industry will be handled. The Reserve Bank of India has been moving swiftly towards creating its CBDC recently.

Some days ago, the bank released an official document that will serve as a roadmap citing several benefits, risks, and features that the upcoming CBDC will have. Some of the features highlighted in the document include trust, security, and safety, among others. The country has also highlighted several reasons for creating the CBDC, with reduced transaction costs, speed, and financial inclusion, among other benefits that users stand to gain from it. Meanwhile, China is taking its CBDC pilot test to the next level after a new announcement regarding adding more provinces earlier in the week was made in the country.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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