The ninth meeting of the India-US Economic and Financial Partnership meeting took place last week on Friday.
Indian Finance Minister Nirmala Sitharaman and the US Treasury Secretary Janet Yellen talked about crypto regulation during the meeting.
They indicated that it was important to ensure international cooperation on this matter and to establish high regulatory standards all over the world.
Crypto regulation has become a rather hot topic of late and it was the focus of the discussion between Janet L. Yellen, the US Treasury Secretary, and Nirmala Sitharaman, the Minister of Finance & Corporate Affairs of the Indian Union.
The meeting was the ninth one conducted for the Economic and Financial Partnership between India and the US and was held in New Delhi.
There were other people also in attendance, including Jerome Powell, the chairman of the US Federal Reserve, and Shaktikanta Das, the Governor of the Reserve Bank of India (RBI).
It marked the first visit of Janet Yellen to India as the treasury secretary of the United States. A joint statement was issued by her and Nirmala Sitharaman at the end of the meeting.
They said that India and the United States were looking forward to using the Financial Regulatory Dialogue that would serve as a platform for discussing priority areas and issues in the financial sector, like digital assets.
The US Treasury Secretary
Once the Financial and Economic Partnership meeting was over, the US Treasury Secretary then participated in a discussion with prominent economists and business leaders from the two countries.
This was about the Business and Economic Opportunities between India and US and Yellen reportedly said that crypto should be dealt with via international collaboration.
She elaborated that where cryptocurrencies are concerned, there are some areas where issues of investor and consumer protection are inadequate and need to be addressed.
The Treasury Secretary noted that they had spoken about this topic in the meeting where public authorities need to cooperate internationally, along with public stakeholders and the private sector for setting global regulatory standards.
Yellen also asserted that they need to take steps for reducing the costs involved in cross-border payments.
She also added that they had been working on it, along with the Financial Action Task Force (FATF), the IMF, the Financial Stability Board (FSB), bilateral exchanges and the multilateral development banks for addressing some of the benefits and the risks of cryptocurrencies on a global basis.
She noted that the Biden administration had been focused on crypto regulation in the United States. According to her, they have made a lot of progress in terms of the illicit use of cryptocurrencies.
But, she also admitted that they still had a long way to go where crypto regulation is concerned. The Indian finance minister has also previously stated that crypto oversight requires international cooperation.
Back in September, she had asked the International Monetary Fund (IMF) to take the lead in terms of crypto regulation.
There is no crypto regulatory framework in India as of now.