US Treasury Secretary and Indian Finance Minister Discuss Crypto Regulation – Regulation Bitcoin News

US Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed cryptocurrency regulation at the ninth India-US Economic and Financial Partnership meeting. They emphasized the importance of international cooperation and setting high regulatory standards on a global scale.

The US and India are discussing issues related to cryptocurrency

Indian Union Finance and Corporate Affairs Minister Nirmala Sitharaman and US Treasury Secretary Janet L. Yellen discussed cryptocurrency regulation during the ninth meeting of the India-US Economic and Financial Partnership on Friday.

US Federal Reserve Chairman Jerome Powell and Reserve Bank of India (RBI) Governor Shaktikanta Das also participated in the meeting held in New Delhi. It was 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 continued engagement in the long-standing US-India Financial Regulatory Dialogue, a platform to discuss emerging financial sector issues and priority areas, including… digital assets.

After the Economic and Financial Partnership meeting, Yellen participated in a roundtable discussion on India-US Business and Economic Opportunities with business leaders and prominent economists from both countries.

The Secretary of the Treasury has reportedly called for international cooperation in the fight against cryptocurrencies. “When it comes to cryptocurrencies, there are some pools where we have inadequate consumer and investor protection issues in the market that need to be addressed,” he said.

But this is an area where we have had some discussions in our meetings today, where international cooperation between public authorities, the private sector and public stakeholders is really important, which needs high regulatory standards at the global level.

In addition, Yellen said: “We must 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]Financial Action Task Force [FATF]multilateral development banks, the IMF and bilateral exchanges need to address, on a truly global basis, the risks and some of the benefits of cryptocurrencies.

The Treasury secretary noted that cryptocurrency regulation in the US has been a “big focus” of the Biden administration. He emphasized that “good progress” has been made “at least in dealing with the issues of illicit financing through cryptocurrencies.” Even so, he admitted there is still a way to go.

India’s finance minister is also pushing for international cooperation on cryptocurrency oversight. In September, he called on the International Monetary Fund (IMF) to lead the regulation of cryptocurrencies.

India still lacks a regulatory framework for cryptocurrency. Sitharaman said last month that the Indian government would discuss cryptocurrency regulation during its chairmanship of the G20 to create a technology-based regulatory framework for digital assets. The government is reportedly planning to finalize its position on the legality of cryptocurrency in the first quarter of next year in order to comply with the FATF.

What do you think of Treasury Secretary Janet Yellen and India’s Finance Minister Nirmala Sitharaman’s comments on cryptocurrency? Let us know in the comment section below.

Kevin Helms

Kevin, an Austrian Economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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