US Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman Discussed cryptocurrency regulations at the 9th India-US conference. Economic and Financial Partnership Conference. Both leaders stressed the importance of international cooperation and setting high regulatory standards globally.
US and India Discuss Issues Over Cryptocurrencies
Indian Federal Finance Minister & Corporate Affairs Nirmala Sitharaman and US Treasury Secretary Janet L. Yellen announced Friday that India-US economic and financial partnership discussing cryptocurrency regulation at its 9th meeting.
US Federal Reserve Chairman Jerome Powell and Reserve Bank of India (RBI) Governor Shaktikanta Das also attended the meeting in New Delhi. It was President Yellen’s first visit to India as Secretary of the Treasury.
According to a joint statement issued by Yellen and Sitharaman at the end of the conference:
The United States and India look forward to sustained engagement through years of US-India financial regulation. Dialogue is a platform for discussing emerging financial sector issues and priorities, including digital assets.
Following the Economic and Financial Partnership Conference, Yellen participated in a roundtable discussion on India-US relations. Business and economic opportunities with business leaders and eminent economists from both countries.
The Treasury Secretary has reportedly called for international cooperation on the handling of virtual currencies. “When it comes to cryptocurrencies, there are some pools of underperforming issues that need to be addressed to protect consumers and investors in the market,” she said, detailing:
Discussions at our conference today emphasized the critical importance of international cooperation between public authorities, the private sector and public is required.
Additionally, Yellen said: Also, in the context of the Financial Stability Board [FSB], the Financial Action Task Force [FATF], the multilateral development banks, the IMF, and bilateral exchanges, there is a great deal of effort to practically address risks and issues on a global scale. are actively working on Some benefits from cryptocurrencies.
In the United States, the Treasury Secretary noted that regulation of cryptocurrencies is a “massive focus” of the Biden administration. She stressed that “considerable progress” has been made in “at least addressing the problem of illicit cryptocurrency funding.” Nonetheless, she acknowledged that there is still a way to go.
India’s Finance Minister is also promoting international cooperation on cryptocurrency oversight. In September, she urged the International Monetary Fund (IMF) to lead crypto regulation.
India does not yet have a regulatory framework for cryptocurrencies. Sitharaman said last month that the Indian government, as the G20 presidency, will discuss crypto regulation and establish a technology-driven regulatory framework for digital assets. The government reportedly plans to finalize its stance on crypto legality by the first quarter of next year to comply with the FATF.
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