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US Treasury Secretary, Indian Finance Minister Discuss Crypto Regulation – Bitcoin News Regulatory

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US Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed digital currency regulation during the ninth India-US Economic and Financial Partnership meeting. They stressed the importance of international cooperation and setting high regulatory standards worldwide.

US and India discuss issues surrounding cryptocurrency

Indian Union Finance and Corporate Affairs Minister Nirmala Sitharaman and US Treasury Secretary Janet L. Yellen on Friday discussed the ninth meeting of the India-US Economic and Financial Partnership.

The meeting in New Delhi was also attended by US Federal Reserve Chairman Jerome Powell and Reserve Bank of India Governor Shaktikanta Das. This was Yellen’s first visit to India as Treasury Secretary.

According to a joint statement issued by Yellen and Sitraman at the conclusion of the meeting:

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The US and India look forward to continued engagement through the long-standing US-India Financial Regulatory Dialogue, a platform for discussing emerging financial sector issues and priority areas, including… digital assets.

After the Economic and Financial Partnership meeting, Yellen participated in a roundtable discussion on trade and economic opportunities between India and the United States with prominent business and economic leaders from both countries.

The Treasury Secretary has reportedly called for international cooperation in dealing with cryptocurrencies. “In terms of cryptocurrencies, there are some clusters where we have insufficient consumer and market investor protection issues that need to be addressed,” she said, explaining:

But this is an area where we have had some discussions in our meetings today, where international cooperation is really important between public authorities, and the private sector and public stakeholders need high regulatory standards globally.

In addition, Yellen said: “We need to take steps to reduce the cost of cross-border payments. We are working very actively in the context of the Financial Stability Board. [FSB]Financial Action Team [FATF]the multilateral development banks, the International Monetary Fund, the bilateral exchanges to really deal on a global basis, with the risks and some of the benefits from cryptocurrencies.”

The Treasury Secretary noted that in the United States, crypto regulation has been a “enormous focus” of the Biden administration. She asserted that “a significant amount of progress” has been made in “at least dealing with issues of illicit financing through cryptocurrencies.” However, she admitted there is still a long way to go.

India’s finance minister has also been pushing for international cooperation in monitoring cryptocurrency. In September, she said urge The International Monetary Fund (IMF) to lead the regulation of cryptocurrency.

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India still does not have a regulatory framework for cryptocurrencies. Sitharaman said last month that the Indian government would discuss crypto regulation during its G20 presidency to create a file Technology Driven Regulatory Framework for digital assets. It is reported that the government plans to finalize its position on the legality of encryption by First Quarter next year to become FATF compliant.

What do you think of Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman’s comments on cryptocurrency? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.




photo credits: Shutterstock, Pixabay, Wikicommons

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Cryptocurrency

A Chinese court says NFTs are virtual property protected by law

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A Chinese court in Hangzhou said that a non-fungible token (NFTGroups are virtual online property that must be protected by Chinese law.

November 29 Article Posted by Hangzhou Internet Court – A specialized Internet court – subscriber By crypto-blogger Wu Blockchain on Dec. 5 reveals the language of choice for NFTs after the country started to Crackdown on cryptocurrency In 2021, that leaves NFTs in a legal gray area.

The translated article says that NFTs “have the properties of a property rights object such as value, scarcity, controllability, and tradability” and “belong to the virtual property of the network” that “must be protected by the laws of our country.”

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The court decided that it was necessary to “confirm the legal features of the digital NFT pool” of the case, and admitted that “currently Chinese laws do not clearly provide” for the “legal features of digital NFT pools.”

The court order was introduced in a case where an unnamed tech platform user sued the company for refusing to complete a sale and rescinding its purchase of NFT from a “quick sale” because the user provided a name and phone number that allegedly did not match their information.

“NFTs intensify the creator’s original expression of art and have the value of related intellectual property rights,” the court said. She added that NFTs are “unique digital assets formed on the blockchain based on the mechanism of trust and consensus between blockchain nodes.”

For this reason, the court said that “digital NFT pools belong to the category of virtual property” and the transaction in the legal case is seen as “the sale of digital goods through [the] The Internet “to be treated as an electronic business” and regulated by the “Electronic Commerce Law”.

This comes after the Shanghai Higher People’s Court issued a document in May that stated that bitcoin (BTC) similarly Subject to copyright laws and regulations despite the state’s ban on cryptocurrency.

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Related: Can Hong Kong really become China’s proxy in crypto?

With encryption banned, China has worked on it Separate NFTs from cryptography Through a government-backed blockchain project to support the deployment of non-crypto NFTs paid with fiat money.

The government remains vigilant to ensure its residents resist “NFT speculation” as described in a joint statement in April between the China Banking Association, the China Internet Finance Association and the China Securities Association. Public warned About the “hidden risks” of investing in NFTs.

China is not the only jurisdiction to place NFTs under property laws. A Singaporean High Court judge relied on existing property laws in the October case NFTs are likened to physical possessions Like a fine watch or fine wine he says “NFTs have emerged as a highly sought after collector’s tool.”