India US Discuss Crypto Before G20 Summit

Crypto News: Indian Finance Minister Nirmala Sitharaman and U.S. Treasury Secretary Janet Yellen discussed crypto ahead of the G20 summit being held in the tech hub Bangalore.

There have been discussions about amplifying multilateral development banks, the vulnerability of global debts, crypto assets, and health apart from the just energy transition partnership as per a tweet by the finance ministry on Twitter.

The leaders discussed the energy transition partnership, which involves the United States and its allies providing financial support to developing economies to move away from coal production and consumption. During their meeting, the two leaders also shared their views on the G20 FinanceTrack priorities under India’s G20 presidency.

Positive takeaway for crypto?

Possible policy for crypto assets will be discussed on Thursday. A symposium on digital public infrastructure and the enhancement of cross-border payments will be among the other topics to be discussed.

Also read: Crypto Body Takes Action Against US SEC Chair Gary Gensler For Crypto Crackdown

Yellen has been positive about cryptocurrency from some time. In 2021, she stated that she would preserve cryptocurrency goodness and will try to eliminate the bad that it comes with. The meeting comes just after the Union Budget 2023, which left Indian crypto traders disappointed as there was no discussion about cryptocurrency taxes. Last year India’s budget imposed a hefty 30% tax on profit from cryptocurrency trading. However, a lot of clarity is needed in terms of crypto regulation in the Indian market.

RBI maintains negative stance on crypto

The deputies’ meeting will be followed by the first G20 finance ministers and central bank governors meeting on February 24-25, chaired by the finance minister and RBI governor Shaktikanta Das. India’s central bank’s governor is a known vocal critic of cryptocurrencies. As reported earlier, Das made a prediction that the next financial crisis will happen because of cryptocurrencies. He has been vocal proponent of banning cryptocurrencies altogether.

Also read: Spotify Experiments With Token-Enabled Playlists