The G20 is planning to develop a common framework to help all countries deal with risks associated with cryptocurrency investments. India's finance minister, Nirmala Sitharaman, called for coordinated global crypto policies, highlighting the numerous crypto collapses and the need for a coordinated effort from all jurisdictions. India's G20 presidency will end on November 30, 2023, leaving roughly seven months for the group of 20 nations to carve out blanket crypto reforms that could be implemented across jurisdictions. Meanwhile, India's home-grown payment network, the unified payments interface (UPI), is expanding globally, with Singapore's PayNow rapid payment system integrating UPI to allow swift cross-border payments.

(By ARIJIT SARKAR)