[ad_1] <br><p><h2 class="intro"> U.S. Treasury Secretary flags must decrease cross-border cost prices in parleys with Finance Minister Nirmala Sitharaman </h2></p><p><h2 class="intro"> U.S. Treasury Secretary flags must decrease cross-border cost prices in parleys with Finance Minister Nirmala Sitharaman </h2></p><div id="content-body-66125693" itemprop="articleBody"><p>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. </p><p>Cryptocurrency regulation has been a ‘large focus’ of the Biden-Harris administration within the U.S. and ‘a great deal of progress’ has been made in ‘not less than coping with problems with illicit financing by means of crypto currencies, Ms. Yellen mentioned, however conceded there may be nonetheless some approach to go. </p><p>“With respect to cryptocurrencies, there are some swimming pools the place we've got insufficient market shopper and investor safety points that should be handled. However that is an space the place we had some dialogue in our conferences at present, the place worldwide cooperation is basically essential amongst public authorities, the personal sector and public stakeholders want excessive regulatory requirements globally,” she mentioned at an interplay with trade leaders after the conclusion of the Ninth U.S. India Financial and Monetary Partnership assembly. </p><p>“We have to take steps to cut back the price of cross border funds. And we’re very actively working inside the context of the Monetary Stability Board, the Monetary Motion Job Pressure, the multilateral improvement banks, the IMF and bilateral exchanges to actually handle on a worldwide foundation, the dangers and a few of the advantages from crypto currencies,” she added. </p><p>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 aside from ‘vital financial advantages’, this will even bolster the 2 nations’ resilience and nationwide safety at a time of world turmoil. </p><p>Ms. Yellen mentioned India was a key a part of the United .States.’ ‘friendshoring’ method to diversify provide chains away from disruptive gamers like Russia, whose ‘brutal battle’ has claimed numerous Ukrainian lives and livelihoods in addition to exacerbated meals and vitality safety all over the world, and China, the place compelled labour was getting used to provide sure photo voltaic panel supplies. </p><p>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 mentioned this was the biggest such transaction completed by the DFI but and would assist diversify provide chains from China which dominates greater than 80% of such manufacturing globally. Many U.S. corporations like Apple, Amazon and Google are actually investing in India and Vietnam too, she identified. </p><p>In a joint assertion issued after the Financial and Monetary Partnership meet, the 2 international locations reaffirmed that ‘common dialogue is essential to the U.S.-India financial relationship and to advancing world efforts to sort out urgent financial challenges’ and agreed to have interaction additional on quite a lot of points, together with local weather finance and India’s upcoming G20 presidency.</p></div> <br>[ad_2] <br><a href="https://news.google.com/__i/rss/rd/articles/CBMicmh0dHBzOi8vd3d3LnRoZWhpbmR1LmNvbS9idXNpbmVzcy95ZWxsZW4tbW9vdHMtZ2xvYmFsLWNvb3BlcmF0aW9uLW9uLWNyeXB0b2N1cnJlbmN5LXJlZ3VsYXRpb24vYXJ0aWNsZTY2MTI1NjkzLmVjZdIBd2h0dHBzOi8vd3d3LnRoZWhpbmR1LmNvbS9idXNpbmVzcy95ZWxsZW4tbW9vdHMtZ2xvYmFsLWNvb3BlcmF0aW9uLW9uLWNyeXB0b2N1cnJlbmN5LXJlZ3VsYXRpb24vYXJ0aWNsZTY2MTI1NjkzLmVjZS9hbXAv?oc=5">Source link </a>