G20 President India: Crypto ‘standard operating protocol’ talks underway

ambcrypto.com:

India is in dialogue with G20 members about the need for a crypto standard operating protocol (SoP), confirmed the Indian Finance Minister Nirmala Sitharaman when asked about broad crypto asset regulation.

Sitharaman said:

“In the G20, we’re raising it and having detailed discussions with members so that a standard operating protocol emerges, which results in a coherent, comprehensive approach where all countries work together in bringing some regulation.”

Sitharaman emphasized that cryptocurrencies are largely unregulated in India right now.

According to the minister, technology drives all mining and crypto transactions. Thus, it is difficult for a single country to effectively govern or regulate cryptocurrency.

There is a growing consensus towards crypto regulation, which is why India is raising the issue at the G20. According to Sitharaman, this will ensure that a SoP is established following the G20 discussions. Moreover, all countries could work cooperatively to bring about regulations, whether they pertain to mining or transactions.

Last month, India’s Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, stated that crypto trading is legal in India as long as traders follow the rules.

In 2022, Sitharaman stated that crypto regulation requires international consensus. She emphasized that any legislation for regulation or prohibition could only be effective after extensive international cooperation in assessing risks and benefits and developing common taxonomies and standards.

In response to another question, Pankaj Chaudhary, a Minister of State for Finance, said that the Indian government is working with G20 nations to develop an international framework for regulating crypto assets.

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