Janet Yellen And Indian Finance Minister Discuss Crypto Regulation

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

Following the meeting, Yellen and Sitharaman jointly released the following statement:

“The United States and India look forward to sustained engagement through the longstanding U.S.- India Financial Regulatory Dialogue, a platform for discussing emerging financial sector issues and priority areas, including banking and insurance sector reforms, capital market development, digital assets and payment system modernization, sustainable finance, and data security and protection frameworks.”

Yellen took part in a roundtable discussion on India-U.S. Business and Economic Opportunities with leading business figures and economists from both nations after the Economic and Financial Partnership conference.

The Biden-Harris administration in the US has placed tremendous attention on cryptocurrency regulation, and while a considerable lot of progress has been made in at least dealing with concerns of illegal funding through cryptocurrencies, Yellen acknowledged there is more work to be done.

“With respect to cryptocurrencies, there are some pools where we have inadequate market consumer and investor protection issues that need to be dealt with. But this is an area where we had some discussion in our meetings today, where international cooperation is really important among public authorities, the private sector and public stakeholders need high regulatory standards globally.”

A cryptocurrency regulatory framework is still lacking in India. To create a tech-driven regulatory framework for digital assets, Sitharaman stated last month that the Indian government would talk about cryptocurrency regulation while it holds the G20 presidency.

According to reports, to comply with the FATF, the government intends to resolve its position on the legality of cryptocurrencies by the first quarter of 2023.

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