India is in talks with G20 members on the need for a standard operating protocol (SoP) for cryptocurrencies. Nirmala Sitharaman India's Finance Minister made this statement when asked about widespread regulation of cryptocurrencies. The FM told the lower house of parliament:
"At the G20, we are presenting and having detailed discussions with members to create a standard operating protocol that results in a coherent, comprehensive approach where all countries work together to introduce some cryptocurrency regulation."
The minister discussed India's future plan for regulating the web3 sector. On 1 December 2022, India took over the presidency of the G20 from Indonesia.
“Currently, cryptocurrencies are largely unregulated in India. Technology drives all mining and crypto transactions.”
Which, according to the minister, makes it impossible for just one nation to effectively manage or regulate cryptocurrencies. According to Sitharaman, there is a consensus, which is why the issue was brought up at the G20. She said this could ensure that a standard procedure is established after discussions with the G20 and that all countries would work together to introduce regulations that would cover the mining or transactions of crypto-assets.
Regarding the regulation of cryptocurrencies , Sitharaman already stated last year that there is a need for an international consensus. She noted that any legislation to regulate or ban can only be effective after extensive international cooperation in assessing risks and benefits and creating common taxonomies and standards. Pankaj Chaudhary, Minister of State for Finance, responded to the question by stating that the government is coordinating with the G20 countries to develop an international framework to regulate cryptocurrencies.