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Nirmala Sitharaman urges cryptocurrency users to ‘be careful’
India’s current finance minister, Nirmala Sitharaman, has urged people to be careful when shopping for cryptocurrencies. report 18 by CNN News.
Sitharaman has warned that new laws will be enacted to regulate cryptocurrencies.
According to recent data released by the United Nations Conference on Trade and Development, 7% of Indians owned cryptocurrencies.
as Reported by U.TodayThe Reserve Bank of India (RBI) was still going to ban cryptocurrencies outright.The central bank argued that digital currencies pose a threat to the sovereignty of the financial ecosystem.
At the time, Sitharaman said global coordination was needed to make such a ban effective.
Last November, the Indian government reported its intention to ban cryptocurrencies outright, but has since shelved such draconian plans.
For now, digital currencies remain in a regulatory gray area, leaving local businesses in dire straits. India does not yet recognize cryptocurrencies as a currency.
A draconian tax regime introduced earlier this year also threatened to kill local industry.
WazirX, India’s leading cryptocurrency exchange, has been accused by the Indian Law Enforcement Department (ED) of aiding money laundering of approximately $130 million. The exchange’s bank account has been frozen by the authorities. Binance CEO Changpeng Zhao also had to reveal in 2019 that the crypto giant had not actually completed its acquisition of the troubled exchange.
At least 10 other cryptocurrency exchanges are also under investigation by the ED for allegedly ignoring anti-money laundering laws.
