India has announced through its finance minister that it will 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 his term expected to end by November 2023. Finance Minister Nirmala Sitharaman was vocal about digital assets and their future. The minister once made a big call for cooperation between countries to deliberate on the future of the assets.
The FM wants a consensus to regulate crypto
Sitharaman is known to maintain a closed stance on the assets while facing the risks of its adoption by the general public. However, the position seems to be changed after she told the media that the country will discuss crypto in detail during its G20 presidency.
The G20 is a forum of leading countries worldwide where serious issues are discussed with the endgame of finding solutions to the problems. Sitharaman also mentioned that digital assets are very vast, so it should not be up to just one country to deliberate on their regulation. She also mentioned that countries should be aware of the purpose that digital assets and their industry serve them.
India releases CBDC roadmap
The finance minister also spoke about the ills in the crypto sector, particularly 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 must be a consensus when discussing how the industry will be handled. The Reserve Bank of India recently moved quickly to create its CBDC.
A few days ago, the bank released an official document that will serve as a road map citing various 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 also highlighted several reasons for the creation of the CBDC, with reduced transaction costs, speed and financial inclusion, among other benefits that users can derive from it. Meanwhile, China is taking its CBDC pilot test to the next level after a new announcement about adding more provinces was made in the country earlier this week.