Indian Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen spoke about crypto ahead of the G20 summit to be held in Bangalore. Is this good news for crypto?
The two finance ministers discussed strengthening multilateral development banks, the vulnerability of global debt, cryptocurrencies, health and the energy transition.
Good news for Indian crypto traders?
On Thursday there may be a discussion of policy regarding cryptocurrencies. The symposium will cover various topics, including digital public infrastructure and improving cross-border payments.
US Treasury Secretary Janet Yellen has been positive about cryptocurrency for some time now. In 2021, she stated that she will try to nurture the positives of cryptocurrencies and try to eliminate the bad that comes with it. India takes a much more negative view of crypto.
The meeting comes just after the 2023 Union Budget, which left Indian crypto traders disappointed as there was no discussion on cryptocurrency taxes. Last year, the Indian budget imposed a hefty 30% tax on cryptocurrency trading profits. However, a lot of clarity is needed in terms of crypto regulation in the Indian market.
RBI maintains a negative stance on crypto
After the delegates’ meeting, the first meeting of G20 finance ministers and central bank governors will take place on 24 and 25 February. This will be headed by Finance Minister and Reserve Bank of India (RBI) Governor Shaktikanta Das.
The governor of India’s central bank is not known for his positive attitude towards cryptocurrencies. Earlier, he even predicted that the next financial crisis could be caused by cryptocurrencies and has come out in favor of a complete ban on these digital assets. However, perhaps a conversation with Yellen could change his mind.