No immediate plans for crypto regulations in India, says Minister of State

India has no immediate plans to implement regulations for the cryptocurrency sector, according to Minister of State for Finance, Pankaj Chaudhary. In response to questions from a member of parliament, Chaudhary stated that there is currently no proposal for regulating the sales and purchase of cryptocurrencies. He also mentioned that the Financial Intelligence Unit is authorized to designate Virtual Digital Asset Service Providers as reporting entities under the Prevention of Money Laundering Act. Chaudhary emphasized that law enforcement agencies, including the Reserve Bank of India, have the ability to investigate and take action against illegal activities related to cryptocurrencies. India’s government is currently evaluating the risks and benefits associated with cryptocurrencies in coordination with other G20 member nations before considering any measures. The country currently has a licensing regime in place for cryptocurrency exchanges and is also actively pursuing the development of its own digital currency, the e-rupee.