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India’s Finance Minister warned investors about cryptocurrencies as the country’s Enforcement Department (ED) investigated numerous cryptocurrency exchanges and froze assets on some trading platforms.
Indian Finance Minister Nirmala Sitharaman reportedly warned about cryptocurrencies at an event hosted by BJP Economic Cell on Saturday. She warned the public and entrepreneurs that cryptocurrencies are not currencies. state:
The government has already warned. I think we should all share our thoughts on this and act a little more cautiously.
Thursday, News18 report The Finance Minister stressed that a new law on cryptocurrencies will come into force soon and urged investors to pay attention to cryptocurrencies.
Her statement comes as India’s Enforcement Department (ED) is investigating cryptocurrency exchanges in connection with a money laundering investigation. We have frozen our assets. WazirkusBank assets worth $8 million were frozen on August 5, boldAbout $46 million worth of bank and crypto assets were frozen last week.
In response to the ED’s allegations, Vauld issued a statement on Saturday, revealing that he fully cooperated with the ED and provided all necessary information and documents after receiving the subpoena in July. Noting that frozen orders are specific to one customer whose account was deactivated after using the exchange’s services for a short period of time, the company emphasized:
We respectfully disagree with freezing orders. We follow strict KYC requirements in all countries including India.
“We are seeking legal advice on the best course of action to protect the interests of the company, its customers and all stakeholders,” Bold elaborated.
What are your thoughts on the Finance Minister warning investors about cryptocurrencies and the ED investigating cryptocurrency exchanges? Let us know in the comments section below.
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