India is in talks with G20 members about the need for a crypto Standard Operating Protocol (SoP). Indian Finance Minister Nirmala Sitharaman made the statement when asked about comprehensive crypto asset regulation.
The FM told the parliamentary lower house, “At the G20, we are taking it up and having detailed discussions with the members so that a standard operating protocol emerges, resulting in a consistent, comprehensive approach where all countries bring some regulation.” Let’s work together.”
India’s future roadmap for crypto regulation
The minister was replying to a question about the country’s future roadmap for regulating the Web3 sector. On December 1, 2022, India took over the chairmanship of G20 from Indonesia.
Sitharaman underlined, “At present, they [cryptocurrencies] are largely unregulated in India,”
Technology drives all mining and crypto transactions, the minister pointed out. Which, according to him, makes it impossible for any single nation to effectively control or regulate crypto.
According to Sitharaman, a consensus is emerging, which is why we are raising this issue in the G20. He said it will ensure that an SOP is established after the G20 discussions and all countries are working collaboratively to bring in regulations, be it related to mining or transactions.
Meanwhile, the Union Finance Minister in a seminar on February 11 said that cryptocurrencies are 99% technology.
FM advances global consensus
With regard to crypto regulation, Sitharaman reiterated last year that crypto regulation requires international consensus. He added that any law for regulation or prohibition can be effective only after extensive international cooperation in assessing the risks and benefits and developing common classifications and standards.
Responding to a separate question, Minister of State for Finance Pankaj Chowdhary said the government is coordinating with the G20 countries to develop an international framework for regulating crypto assets.
“The government is engaging with the G20 countries to build international coordination on the policy approach to crypto assets,” he added.
Last month, India’s Minister of State for Electronics and IT, Rajeev Chandrasekhar claimed that crypto trading is fine in India as long as all the rules are followed. Meanwhile, Moneycontrol in its report stated that by 2032, Web3 ventures could contribute $1.1 trillion to India’s GDP.
And with a national Web3 policy, it can harness the benefits of the space.
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