India is in talks with the G20 members about the need for a crypto standard operating protocol (SoP). Indian Finance Minister Nirmala Sitharaman made the statement when asked about broad crypto asset regulation.
The FM said in the parliamentary lower house, “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.”
India’s Future Roadmap for Crypto Regulation
The minister was responding to a question about the country’s future roadmap for regulating the web3 sector. On Dec. 1, 2022, India assumed the G20 Presidency from Indonesia.
Sitharaman underlined, “At the moment, they [cryptocurrencies] are largely unregulated in India,”
Technology drives all mining and crypto transactions, the minister pointed out. Which, according to her, makes it impossible for a single nation to govern or regulate crypto effectively.
According to Sitharaman, there is an emerging consensus, which is why we are bringing up this issue at the G20. She said that this would ensure that an SoP is established after the G20 discussions and that all countries are working cooperatively to bring about regulations, whether they pertain to mining or transactions.
Meanwhile, the Union Finance Minister said that cryptocurrency is 99% technology at a seminar on Feb. 11.
FM Pushes Global Consensus
With regard to crypto regulation, Sitharaman reiterated last year that crypto regulation requires international consensus. She noted that any legislation for regulation or prohibition could be effective only after extensive international cooperation in assessing the risks and benefits and developing common taxonomies and standards.
Pankaj Chaudhary, a minister of state for finance, responded to a different question by stating that the government is coordinating with G20 nations to develop an international framework for regulating crypto assets.
He said, “The Government is engaging with G20 countries to build international coordination on policy approach to crypto assets.”
Last month, Rajeev Chandrasekhar, India’s Minister of State for Electronics and IT, claimed that crypto trading in India is okay as long as all rules are followed. Meanwhile, Moneycontrol highlighted in its report that by 2032, web3 enterprises could have contributed $1.1 trillion to India’s GDP.
And with a national web3 policy, it could harness the benefits of the space.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.