India’s Finance Minister Tells Crypto Investors to Exercise Caution as Authorities Investigate Exchanges – Regulation Bitcoin News

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

Indian finance minister warns against crypto

Indian Finance Minister Nirmala Sitharaman reportedly warned against cryptocurrency on Saturday at an event organized by the BJP’s economic cell. She warned the public and entrepreneurs that cryptocurrency is not a currency, indicating:

The government has already warned. I think we’ll all have to share our thoughts and tread a little cautiously on this.

Thursday, News18 reported that the finance minister asked investors to be cautious on crypto, noting that a new cryptocurrency law is coming soon.

His statements came as India’s Law Enforcement (ED) Directorate investigates cryptocurrency exchanges as part of its money laundering investigations. The law enforcement agency froze the assets of at least two cryptocurrency exchanges this month. Wazirx’s banking assets worth $8 million were frozen on August 5, and Vauld’s banking and crypto assets worth approximately $46 million were frozen last week.

Responding to ED’s allegations, Vauld released a statement on Saturday revealing that he fully cooperated with ED and provided all required information and documentation after receiving a summons in July. Noting that the freeze order is specific to a client whose account was deactivated after using the exchange’s services for a brief period, the company pointed out:

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,” Vauld detailed.

Keywords in this story

Crypto Act, Crypto Regulation, Cryptocurrency Regulation, ED, Freeze Orders, India, Crypto India, Indian Minister of Finance, Nirmala Sitharaman, Nirmala Sitharaman crypto, Vauld, Wazirx

What do you think of the Minister of Finance warning investors against crypto and the ED investigating crypto exchanges? Let us know in the comments section below.

Kevin Helms

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

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