U.S. Treasury Secretary flags have to decrease cross-border fee prices in parleys with Finance Minister Nirmala Sitharaman
U.S. Treasury Secretary flags have to decrease cross-border fee prices in parleys with Finance Minister Nirmala Sitharaman
United States’ Treasury Secretary Janet Yellen and Finance Minister Nirmala Sitharaman mentioned points regarding cryptocurrency regulation throughout her maiden official go to to India on Friday, with Ms. Yellen mooting worldwide cooperation to set excessive regulatory requirements for crypto property and cut back the price of cross-border funds.
Cryptocurrency regulation has been a ‘tremendous focus’ of the Biden-Harris administration within the U.S. and ‘a good deal of progress’ has been made in ‘at least dealing with issues of illicit financing through crypto currencies, Ms. Yellen said, but conceded there is still some way to go.
“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,” she said at an interaction with industry leaders after the conclusion of the Ninth U.S. India Economic and Financial Partnership meeting.
“We need to take steps to reduce the cost of cross border payments. And we’re very actively working throughout the context of the Financial Stability Board, the Financial Action Task Force, the multilateral improvement banks, the IMF and bilateral exchanges to essentially handle on a world foundation, the dangers and among the advantages from crypto currencies,” she added.
The Treasury Secretary, who visited Microsoft’s India improvement centre earlier within the day, known as for stronger commerce and funding ties between the India and the U.S., stressing that other than ‘significant economic benefits’, this may also bolster the 2 nations’ resilience and nationwide safety at a time of worldwide turmoil.
Ms. Yellen stated India was a key a part of the United .States.’ ‘friendshoring’ method to diversify provide chains away from disruptive gamers like Russia, whose ‘brutal war’ has claimed numerous Ukrainian lives and livelihoods in addition to exacerbated meals and vitality safety world wide, and China, the place compelled labour was getting used to provide sure photo voltaic panel supplies.
Highlighting a $500 million debt finance from the U.S.’s improvement finance establishment to construct a photo voltaic module manufacturing facility in Tamil Nadu, Ms. Yellen stated this was the most important such transaction accomplished by the DFI but and would assist diversify provide chains from China which dominates greater than 80% of such manufacturing globally. Many U.S. companies like Apple, Amazon and Google at the moment are investing in India and Vietnam too, she identified.
In a joint assertion issued after the Economic and Financial Partnership meet, the 2 nations reaffirmed that ‘regular dialogue is crucial to the U.S.-India economic relationship and to advancing global efforts to tackle pressing economic challenges’ and agreed to interact additional on quite a lot of points, together with local weather finance and India’s upcoming G20 presidency.
Source: www.thehindu.com
