India is discussing the necessity for a crypto standard operating protocol with G20 nations (SoP). When questioned about comprehensive crypto asset regulation, Indian Finance Minister Nirmala Sitharaman made the comment.
“In the G20, we’re raising it and having deep discussions with members so that a standard operating protocol arises, which leads in a cohesive, comprehensive approach where all countries work together to bring some regulation,” the FM said in the parliamentary lower house.
The minister was replying to a question regarding the country’s future regulatory framework for the web3. India will take up the G20 presidency from Indonesia on December 1, 2022.
“At the present, they [cryptocurrencies] are mostly uncontrolled in India,” Sitharaman stated.
According to the minister, technology drives all mining and crypto transactions. This, she claims, makes it difficult for a single country to successfully oversee or regulate cryptocurrency.
According to Sitharaman, there is a developing agreement, which is why this topic is being raised at the G20. She stated that doing so would guarantee that a SoP is created following the G20 meetings and that all countries collaborate to bring about laws, whether they apply to mining other trading.
Meanwhile, at a conference on February 11, the Union Finance Minister stated that bitcoin is 99% technology.
In terms of crypto legislation, Sitharaman stated last year that worldwide agreement is required. She emphasized that any law for regulation or prohibition could only be effective after broad international collaboration in analyzing risks and benefits and adopting common taxonomy and standards.
In response to another question, Pankaj Chaudhary, a minister of state for finance, stated that the government is working with G20 nations to build an international framework for regulating crypto assets.
“The government is collaborating with G20 countries to create international cooperation on policy approaches to crypto assets,” he added.
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 all standards are followed. Meanwhile, according to Moneycontrol’s estimate, web3 companies might contribute $1.1 trillion to India’s GDP by 2032.
And, with a national web3 strategy, it might capitalize on the space’s advantages.
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