Finance Minister Nirmala Sitharaman on Monday, December 8, said that it will take "significant international collaboration" to efficiently regulate cryptocurrency and other virtual digital assets (VDAs).

Speaking at the Lok Sabha, the minister said that India does not collect data nor regulate the crypto industry that is "inherently borderless" in nature.

"Any regulatory framework for crypto assets can be effective only with significant international collaboration," Sitharaman said.

The minister's statement of avoiding complete regulation of crypto assets is in line with the Central Bank's view that containing the risks of cryptocurrencies through regulation would be difficult.

Although cryptocurrency is not considered legal tender in India, it is allowed to hold, purchase, and sell as

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