India’s finance minister asks crypto investors to be cautious as authorities probe exchanges – Regulation Bitcoin News

India’s finance minister asks crypto investors to be cautious as authorities probe exchanges – Regulation Bitcoin News

India’s finance minister has warned investors against cryptocurrencies as the Enforcement Directorate (ED) investigates a number of crypto exchanges and freezes the assets of some trading platforms.

India’s Finance Minister Warns About Crypto

India’s Finance Minister Nirmala Sitharaman reportedly warned against cryptocurrencies on Saturday at an event organized by the BJP’s Economic Cell. She warned the public and entrepreneurs that cryptocurrency is not a currency, stating:

The government has already warned. I think we will all have to share our thoughts and be careful about this.

On Thursday, Novosti18 registered that the finance minister asked investors to be careful with cryptocurrencies, noting that a new law on cryptocurrencies is coming soon.

Her statements come as India’s Enforcement Directorate (ED) is probing cryptocurrency exchanges in connection with its money laundering investigations. A law enforcement agency this month froze the assets of at least two cryptocurrency exchanges. WazirxBank assets worth $8 million were frozen on August 5 and TreasuryThe bank and crypto assets worth about $46 million were frozen last week.

Responding to the ED’s allegations, Vauld released a statement on Saturday revealing that he fully cooperated with the ED and provided all necessary information and documents after receiving the summons in July. Noting that the freezing order is specific to one customer whose account was deactivated after using the exchange’s services for a short time, the company emphasized:

We respectfully disagree with the freezing order. We follow strict KYC requirements in every country, including India.

“We are seeking legal advice on our best course of action to protect the interests of the company, its customers and all stakeholders,” detailed Vauld.

Tags in this story

Crypto right, Crypto regulation, Regulation of cryptocurrencies, ED, freeze orders, India, india crypto, Indian Finance Minister, Nirmala Sitharaman, Nirmala Sitharaman crypto, Treasury, Wazirx

What do you think about the finance minister warning investors about cryptocurrencies and the ED investigating cryptocurrencies? Let us know in the comments section below.

India’s finance minister asks crypto investors to be cautious as authorities probe exchanges – Regulation Bitcoin News

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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