U.S. Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed crypto regulation during the ninth India-US. Economic and Financial Partnership Meeting. They emphasize the importance of international cooperation and set high regulatory standards globally.
US and India Discuss Issues Around Cryptocurrency
Union of India’s Minister of Finance & Corporate Affairs Nirmala Sitharaman and US Secretary of the Treasury Janet L. Yellen discussed crypto regulation on Friday during the ninth meeting between India and India. -USA. Economic and Financial Cooperation.
US Federal Reserve Chairman Jerome Powell and Reserve Bank of India (RBI) Governor Shaktikanta Das also attended the meeting held in New Delhi. This is Yellen’s first visit to India as treasury secretary.
According to a joint statement issued by Yellen and Sitharaman at the end of the meeting:
The United States and India look forward to a long-standing relationship through the longstanding US-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 roundtable discussion on India-US. Business and Economics Opportunities with renowned business leaders and economists from both countries.
The treasury secretary reportedly called for international cooperation on the handling of cryptocurrencies. “For crypto, there are several groups where we have inadequate market investor and consumer protection issues that need to be addressed,” she said, further explaining:
But this is one area we discussed in our meetings today, where international cooperation is really important between public authorities, the private sector and stakeholders that need standards. high regulatory standards globally.
In addition, Yellen said: “We need to take steps to reduce the cost of cross-border payments. And we are working very actively in the context of the Financial Stability Board [FSB], the Financial Action Task Force [FATF], the multilateral development banks, the IMF and the 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 United States, cryptocurrency regulation is a “big focus” of the Biden administration. She emphasized that “a lot of progress” has been made in “at least solving illicit financial problems through cryptocurrency.” However, she admits that there is still some way to go.
India’s finance minister is also promoting international cooperation on cryptocurrency supervision. In September, she urged the International Monetary Fund (IMF) to take the lead in regulating cryptocurrencies.
India does not yet have a regulatory framework for cryptocurrencies. Sitharaman said last month that the Indian government will discuss cryptocurrency regulation during their G20 presidency to establish a technology-based regulatory framework for digital assets. The government is reportedly planning to finalize its stance on the legality of cryptocurrencies by the first quarter of next year in order to comply with the FATF.
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