India’s finance minister has cautioned investors about cryptocurrency as the country’s Enforcement Directorate (ED) investigates a number of crypto exchanges and freezes the assets of some trading platforms.
Indian Finance Minister’s Warnings About Crypto
At an event hosted by the BJP Economic Cell, Nirmala Sitharaman, Indian Finance Minister warned of cryptocurrency on Saturday. According to her, cryptocurrency is not currency.
Already, the government has warned. It is something that I believe all of us need to think about and take a little caution when dealing with this.
News18 will be broadcast on Thursday reportedThe finance minister asked crypto investors to be cautious, pointing out that there is a new law regarding cryptocurrency.
Her statements came as India’s Enforcement Directorate (ED) probes cryptocurrency exchanges in relation to its money-laundering investigations. This month, at least two cryptocurrency exchanges were frozen by India’s Enforcement Directorate (ED). Wazirx‘s bank assets worth $8 million were frozen on Aug. 5 and Vauld‘s bank and crypto assets worth about $46 million were frozen last week.
Responding to the ED’s allegations, Vauld released a statement Saturday revealing that it fully cooperated with the ED and provided all the required information and documents after receiving a summons in July. Noting that the freeze order is specific to one customer whose account was deactivated after using the exchange’s services for a brief period of time, the company stressed:
We are strongly against the freezing order. We adhere to strict KYC standards in all countries, including India.
“We are seeking legal advice on our best course of action in order to protect the interests of the company, its customers, and all the stakeholders,” Vauld detailed.
How do you feel about the warnings by the finance minister to investors regarding crypto, and about the investigation of crypto exchanges by the ED? Comment below.
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