India’s finance minister has warned buyers against cryptocurrency as the National Enforcement Authority (ED) investigates many crypto exchanges and freezes ownership of some buying and selling platforms .
Indian finance minister warns against crypto
Indian Finance Minister Nirmala Sitharaman reportedly warned against cryptocurrency on Saturday at an occasion organized by the BJP’s finance cell. She warned the general public and entrepreneurs that cryptocurrency should not be foreign money, stating:
The federal government has already warned. I believe we should all share our ideas and transfer with a bit of warning about it.
Thursday, News18 reported that the Minister of Finance has asked buyers to form a crypto warning, noting that new cryptocurrency legislation 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 firm froze the ownership of at least two cryptocurrency exchanges this month. Wazirx’s financial property value of $8 million was frozen on August 5 and Vauld’s financial and crypto property value of approximately $46 million was frozen last week.
Responding to ED’s allegations, Vauld issued a press release on Saturday revealing that he absolutely cooperated with ED and offered all required information and documents after receiving a summons in July. Noting that the blocking order affects 1 buyer whose account was deactivated after using each other’s suppliers for a short time, the company pressed:
We respectfully disagree with the freezing order. We comply with strict KYC requirements in every country including India.
“We seek authoritative recommendations on our best course of action to defend the business of the company, its prospects and all stakeholders,” Vauld detailed.
What do you think the Minister of Finance is warning buyers against crypto and the ED is investigating crypto exchanges? Tell us in the comments section below.
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