Nirmala Sitharaman, the finance minister of India, revealed India’s plan to develop standard operating procedures for cryptocurrencies during its G20 presidency.
Sitharaman has previously called for global collaboration to decide on crypto’s future and has been cautious against mainstream crypto adoption citing risks to financial stability. However, speaking to local Indian reporters on Oct. 15, she confirmed, That crypto will also be part of India’s agenda during G20 presidency.
The G20, or Group of Twenty, is a global forum for addressing the major issues related to the global economy. According to Sitharaman, no country can alone effectively handle or regulate crypto.Sitharaman further highlighted the use of crypto assets in money laundering as detected by India’s law enforcement agency, Enforcement Directorate.
She further added that members of the G20 have also acknowledged the same concerns while reiterating the need for the participation of all countries when it comes to effectively regulating crypto assets.
