Indian Finance Minister and US Treasury Secretary Meet for Crypto Regulation. US Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed crypto policy at the 9th India-US meeting. Economic and Financial Forum. They emphasized the importance of international cooperation and setting high standards of governance worldwide.
The US and India are discussing crypto regulation
Indian Union Finance and Trade Minister Nirmala Sitharaman and the United States Treasury Secretary Janet L. Yellen discussed the cryptocurrency law on Friday at the ninth meeting of India and the United States. Economic and financial relations. US Federal Reserve Chairman Jerome Powell and Reserve Bank of India (RBI) Governor Shaktikanta Das also attended 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 after the meeting:
The United States and India look forward to continuing to engage in the long-standing US-India Financial Services Dialogue, a platform to discuss emerging financial sector issues in key areas, including… digital assets.
Following the economic and financial meeting, Yellen participated in a panel discussion on India and the United States. Business and economic opportunities with business leaders and economists from both countries. It was reported that the Secretary of the Treasury called for international cooperation in the management of cryptocurrencies. “In terms of cryptocurrencies, there are some pools where we do not provide enough consumer and investor protection issues that need to be addressed,” he said, explaining:
But this is the area we discussed in our meeting today, where international cooperation is very important between public officials, civil servants and public officials who need high standards of governance in many countries.
Indian Finance Minister and US Treasury Secretary
In addition, Yellen said, “We need to do something to reduce the cost of paying at the border. We are working hard through the Financial Stability Board [FSB], the Financial Action Task Force [FATF], the multilateral development bank, the IMF, and the Second Amendment to really address, globally, what music and some of the. the value of cryptocurrencies. Crypto regulation.
The Treasury Secretary said that in the United States, cryptocurrency regulation has been a “key goal” of the Biden administration. He highlighted that “a lot of progress” has made it possible to “at least solve the issue of illegal money through cryptocurrencies.” However, he admits there is still a long way to go.
India’s Finance Minister has also pushed for international cooperation in crypto monitoring. In September, he urged the International Monetary Fund (IMF) to crypto regulation.
India still has no legal framework for cryptocurrency. Sitharaman said last month that the Indian government will consider crypto laws during its G20 presidency to establish a technology-led regulatory framework for digital assets. The government plans to finalize its position on the regulation of crypto by the first quarter of next year to comply with the FATF.