Going by facts made available by the Indian Finance Ministry, a new set of standard operating procedures that would guide the activities of cryptocurrency operations in the country would be out soon.
According to information provided by the Indian Finance Ministry, a new set of SOPs that would direct cryptocurrency operations in the nation would be released soon.
Nirmala Sitharaman, the director of the Finance Ministry, made the announcement and decided that the launch date would coincide with India’s G20 presidency, which will be held from December 1, 2022, to November 30, 2023.
This is a follow-up to earlier efforts by the country’s watchdog, the Enforcement Directorate, which highlighted the usage of cryptocurrencies as a means of shifting illicitly obtained riches to evade detection. It is commonly known that to regulate the cryptocurrency industry, governments from various nations must work together.
Since the Group of Twenty countries, also known as the G20, is a collection of nations with the authority to make decisions about global issues, India, one of them, has chosen to prioritize the regulation of digital currencies. Sitharaman also emphasized that other G20 members are sharing similar viewpoints about cryptocurrencies, and she urged other nations to do the same.
Case for a Digital Rupee
Recently, some nations have made the decision to create an electronic currency that functions similarly to their domestic legal tender and that they would be able to monitor and centrally regulate. Adoption of such is gathering momentum, and India produced a document to that effect in early October 2022. Low operating costs, safety, and trust are three of the main factors behind the development of the digital rupee, according to the Charter that supports its formation.