U.S Secretary of the Treasury and Indian Finance Minister Discuss Crypto Regulation – On Friday during the ninth meeting of the India-U.S. Economic and Financial Partnership, Indian Union Minister of Finance & Corporate Affairs Nirmala Sitharaman and U.S. Secretary of the Treasury Janet L. Yellen discussed cryptocurrency regulation. Both Reserve Bank of India (RBI) Governor Shaktikanta Das and U.S. Federal Reserve Chairman Jerome Powell were present at the meeting, which took place in New Delhi. Yellen was making her first trip to India as the Treasury Secretary.
According to a joint statement issued by Yellen and Sitharaman at the conclusion of the meeting: “The United States and India look forward to sustained engagement through the longstanding U.S.-India Financial Regulatory Dialogue, a platform for discussing emerging financial sector issues and priority areas, including digital assets.” Yellen took part in a roundtable discussion on India-U.S. Business and Economic Opportunities with leading business figures and economists from both countries after the Economic and Financial Partnership meeting.
According to reports, the treasury secretary asked for international cooperation in handling cryptocurrencies. She said, “With respect to cryptocurrencies, there are some pools where we have inadequate market consumer and investor protection issues that need to be dealt with,” elaborating: “But this is an area where we had some discussion in our meetings today, where international cooperation is really important among public authorities, the private sector and public stakeholders need high regulatory standards globally.”
In addition, Yellen said: “We need to take steps to reduce the cost of cross-border payments. And we’re very actively working within the context of the Financial Stability Board (FSB), the Financial Action Task Force (FATF), the multilateral development banks, the IMF, and bilateral exchanges to really address on a global basis, the risks and some of the benefits from cryptocurrencies.” The treasury secretary noted that in the U.S., cryptocurrency regulation has been a “tremendous focus” of the Biden administration. She emphasized that “a good deal of progress” has been made in “at least dealing with issues of illicit financing through cryptocurrencies.” Nonetheless, she admitted that there is still some way to go.
The finance minister of India has also advocated for global coordination on cryptocurrency regulation. She encouraged the International Monetary Fund (IMF) to take the lead in crypto regulation in September. A cryptocurrency regulatory framework is still lacking in India. In order to create a tech-driven regulatory framework for digital assets, Sitharaman stated last month that the Indian government would talk about cryptocurrency legislation while it has the G20 presidency. According to reports, in order to comply with the FATF, the government intends to resolve its position on the legality of cryptocurrencies by the first quarter of next year.
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