In the Indian parliament, a Lok Sabha member asked the Finance Ministry about the cryptocurrency bill. In response to a Lok Sabha question, Minister of State for Finance Pankaj Chaudhary said crypto assets are borderless. Any legislation on this matter can only succeed with international collaboration.
He made it clear to the members of Parliament that any legislation in this regard can be effective only with significant international collaboration. He stressed the importance of a global evaluation of risks and benefits. Mr. Pankaj Chaudhary further said that international stakeholders should come forward to evaluate the risks and benefits and mark the evolution of common standards.
Pankaj Chaudhary also told fellow members that the policy for crypto assets and their ecosystem is with the Union Ministry of Finance. Answering another question in Lok Sabha, he said that the government had not registered any crypto exchanges in the country. However, the Directorate of Enforcement is investigating various cases of money laundering that indicate the involvement of various crypto exchanges.
