US Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed crypto regulation at the ninth meeting of the India-US Economic and Financial Partnership. They stressed the importance of international cooperation and setting high regulatory standards globally.
US and India discuss crypto issues
Indian Union Finance and Trade Minister Nirmala Sitharaman and US Treasury Secretary Janet L. Yellen discussed cryptocurrency regulation on Friday at the ninth meeting of the Economic and Financial Partnership between India and the United States.
US Federal Reserve Chairman Jerome Powell and Reserve Bank of India (RBI) Governor Shaktikanta Das also attended the meeting, which was held in New Delhi. It was Yellen’s first visit to India as Treasury Secretary.
According to a joint statement released by Yellen and Sitharaman after the meeting:
The United States and India look forward to continued engagement in the long-standing U.S.-India Financial Regulatory Dialogue, a platform to discuss emerging financial sector issues and priority areas including…digital assets.
Following the economic and financial partnership meeting, Yellen participated in a panel discussion on trade and economic opportunities between India and the United States with business leaders and prominent economists from both countries.
The Treasury Secretary reportedly called for international collaboration on the management of cryptocurrencies. “With respect to cryptocurrencies, there are certain pools where we have inadequate consumer and market investor protection issues that need to be addressed,” she said, clarifying:
But this is an area that we have discussed in our meetings today, where international cooperation is really important between public authorities, the private sector and public stakeholders need high regulatory standards at scale world.
Additionally, Yellen said, “We need to take steps to reduce the cost of cross-border payments. And we work very actively within the framework of the Financial Stability Board [FSB]Financial Action Task Force [FATF]multilateral development banks, the IMF, and bilateral exchanges to really address, on a global scale, the risks and some of the benefits of cryptocurrencies.
The Treasury Secretary noted that in the United States, cryptocurrency regulation has been a “considerable goal” of the Biden administration. She pointed out that “a lot of progress” has been made to “at least address the issues of illicit finance via cryptocurrencies.” Nevertheless, she admitted that there was still a long way to go.
India’s finance minister has also pushed for international cooperation on crypto surveillance. In September she urged the International Monetary Fund (IMF) to lead the regulation of crypto.
India still lacks a regulatory framework for cryptocurrency. Sitharaman said last month that the Indian government would discuss crypto regulation during its G20 presidency to establish a technology-driven regulatory framework for digital assets. The government reportedly intends to finalize its position on the legality of crypto by the first quarter next year to become FATF compliant.
What do you think of Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman’s comments on cryptocurrency? Let us know in the comments section below.
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