Union Finance Minister Nirmala Sitharaman has warned crypto investors. In an event organized by the BJP Economic Cell, the Finance Minister cautioned the public and entrepreneurs that cryptocurrency is not a currency. During the program, he said that the government has already given a warning about this. We have to proceed with caution on cryptocurrencies. He also said that a new law on cryptocurrencies will be brought up soon.
Freezing accounts of cryptocurrency exchanges:
Union Finance Minister Nirmala Sitharaman said that the Enforcement Directorate (ED) has investigated cryptocurrency exchanges in connection with the money-laundering investigation. In the meantime, the agency has also frozen the assets of at least two cryptocurrency exchanges. The account freeze means that the company cannot do any transaction without the approval of the Enforcement Directorate. The ED froze Wazirx’s $8 million bank assets on August 5, and Would Crypto’s bank accounts and approximately $46 million worth of crypto assets were frozen last week.
Wald Cryptocurrency Exchange Responds:
Wald issued a statement on the ED’s allegations, he said, “We have fully cooperated with the ED and have submitted all the necessary information and documents after receiving the summons in July.” We want to tell you that we take all the documents of KYC from the customer. The company said we are taking necessary action and legal advice to protect the interests of our customers and all stakeholders.
RBI had said that there were rules on cryptocurrencies
Nirmala Sitharaman said that the Reserve Bank of India (RBI) had suggested that the government make rules for cryptocurrencies. The Finance Minister said that the government will need international cooperation if cryptocurrencies are to be banned. He further said that we have to create uniform standards at the international level. During the program, he said that the government has already given a warning about this. We have to proceed with caution on cryptocurrencies. He also said that a new law on cryptocurrencies will be brought up soon.