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Nirmala Sitharaman reveals India’s plan to develop standard operating procedures (SOPs) for cryptocurrencies during its presidency of the G20 Group

Sitharaman previously called for global cooperation to decide on the future of encryption and was wary of embracing mainstream encryption, citing financial stability risks. However, speaking to local Indian reporters on October 15, she stressed that “this (encryption) will also be part of something in India (the agenda during the G20 presidency).”

“But if the issue is about platforms, trading the assets created, buying and selling currencies, and most importantly, that these countries are in a position to understand the money trade, are we in a position to establish whatever purpose is being used?”

Sitharaman also highlighted the use of encryption assets in money laundering discovered by India’s law enforcement agency, the Enforcement Directorate.

G20 members had also acknowledged the same concerns while emphasizing the need for all countries to participate when it comes to effectively regulating crypto assets.

On October 7, the RBI released a list of proposed features and reasons behind its cryptocurrency of the Central Bank in development (CBDC).

The 51-page document summarizes the main drivers of the digital rupee issue, which includes trust, safety, liquidity, settlement and integrity. Some of the biggest drivers of India’s digital currency are reducing operational costs and improving financial inclusion.

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