India aims to develop standard operating procedures for cryptocurrency during her term as the G20 chairman.
In July, Indian Finance Minister Nirmala Sitharaman voiced the concerns of the Reserve Bank of India (RBI) regarding cryptocurrencies. She also said she said they should be banned as they could have a destabilizing effect on financial stability. Sitharaman does not want to break away from the technology, although he describes the situation with crypto as bad.
India Plans to Develop Technology-Driven Crypto Regulation
Indian Finance Minister Nirmala Sitharaman traveled to Washington DC to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. Before ending his tour, he told a group of journalists that the crypto issue will be on the agenda during India’s G20 presidency.
Sitharaman stated that the country aims to develop standard operating procedures for cryptocurrency during the G20 presidency next year. At the same time, he emphasized that he wanted technology not to be left behind, but not to be abused.
Noting that no single country can effectively manage or regulate crypto in any form, Sitharaman said:
“Hopefully, a general framework or SOP on crypto can be reached by all countries. Thus, we can have a technology-driven regulatory framework globally.”
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