India, during its G20 presidency, intends to work on various crypto issues: FM Nirmala Sitharaman

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Nirmala Sitharaman, India's finance minister, announced the country's intention to develop standard operating procedures (SOPs) for crypto assets during its G20 chairmanship.

The finance minister, who attended the annual meetings of the International Monetary Fund (IMF) and the World Bank, stated that India would like to bring up the topic of crypto assets for debate at the G20 summit and work toward a regulatory framework that is technology-driven.

"We would definitely want to collate all this and do a bit of study and then bring it on to the table of the G20 so that members can discuss it, and hopefully arrive at a framework or SOP so that globally, countries can have a technology-driven regulatory framework," said the FM.

From December 1, 2022 to November 30, 2023, India will hold the G20 Presidency, concluding with the G20 Summit in India in 2023. G20 is the main leader in international economic cooperation and a key player in the governance of the global economy.

Sitharaman has frequently discussed the need for worldwide regulation of cryptos to address issues related to their abuse for nefarious activities, including money laundering and terrorism. The FM had stated that India did not recognise crypto assets and that crypto in India was not lawful at a panel discussion with the International Monetary Fund (IMF).