US and India Discuss Issues Surrounding Crypto

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

U.S. 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 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 … digital assets.

In addition, Yellen said: “We need to take steps to reduce the cost of cross-border payments. And we’re very actively working within the context of the Financial Stability Board [FSB], the Financial Action Task Force [FATF], the multilateral development banks, the IMF, and bilateral exchanges to really address on a global basis, the risks and some of the benefits from cryptocurrencies.

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