Kevin Helms
A student of Austrian economics, Kevin found 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 finance and cryptography.
US Treasury Secretary and Indian Finance Minister Discuss Crypto Regulation – Regulation of Bitcoin News
US Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed crypto regulation during the ninth India-US Economic and Financial Partnership meeting. They emphasized the importance of international cooperation and setting high regulatory standards globally.
The US and India are discussing issues around crypto
Indian Union Finance and Enterprise Minister Nirmala Sitharaman and US Treasury Secretary Janet L. Yellen discussed cryptocurrency regulation on Friday during the ninth meeting of the India-US Economic and Financial Partnership.
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 issued by Yellen and Sitharaman at the conclusion of the meeting:
The US and India look forward to continued engagement through 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 Minister of Finance is said to have called for international cooperation on the handling of cryptocurrencies. “When it comes to cryptocurrencies, there are some pools where we have inadequate market consumer and investor protection issues that need to be addressed,” she said, elaborating:
But this is an area where we had a lot of discussion at our meetings today, where international cooperation is very important among public authorities, the private sector and public stakeholders need high regulatory standards globally.
In addition, Yellen said: “We must 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]the multilateral development banks, the IMF and bilateral exchanges to really address the risks and some of the benefits from cryptocurrencies on a global basis.”
The Treasury Secretary noted that in the US, cryptocurrency regulation has been a “huge focus” for the Biden administration. She emphasized that “a good deal of progress” has been made in “at least dealing with issues of illicit financing through cryptocurrencies.” Nevertheless, she admitted that there is still a long way to go.
India’s finance minister has also pushed for international cooperation on crypto oversight. In September, she called on the International Monetary Fund (IMF) to take the lead on crypto regulation.
India still does not have a regulatory framework for cryptocurrency. Sitharaman said last month that the Indian government will discuss crypto regulation during its G20 presidency to establish a technology-driven regulatory framework for digital assets. The government reportedly plans to finalize its position on the legality of crypto by the first quarter of next year to become FATF compliant.
What do you think about the comments of Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman about cryptocurrency? Let us know in the comments section below.
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