Pankaj Chaudhary assured parliamentarians that he was unaware of proposals to regulate the "sale and purchase" of cryptocurrencies.
The mechanisms of supervision and monitoring of virtual digital assets in India are already coping with their tasks, the former minister reassured. The Central Bureau of Economic Intelligence (CEIB) and Financial Intelligence of India (FIU-IND), which are subordinate to the Ministry of Finance, are authorized, according to the ex-official, to independently appoint service providers of virtual digital assets as accountable entities and are able to adequately monitor their activities.
Chaudhary is confident that, despite the lack of a separate regulatory framework, India's supervisory authorities, including the Reserve Bank of India (RBI), are equipped with sufficient tools to investigate and counter illegal activities in accordance with existing laws.
Earlier, Sathvik Vishwanath, CEO of the Indian crypto exchange Unocoin, said that the decision of the Ministry of Finance of the country to leave taxes for the national crypto industry unchanged means that the government does not yet consider the industry as a serious business.