Indian Finance Minister Issues Warnings Regarding Crypto

•  The Indian finance minister suggested against using cryptocurrency.
• The law enforcement organization blocked the assets of two crypto exchanges.

At a BJP Economic Cell event on Saturday, Nirmala Sitharaman, the Indian Finance Minister, reportedly issued a warning about cryptocurrencies. New cryptocurrency regulation is on the way, the finance minister reportedly advised investors to be cautious while dealing with cryptocurrencies.  In light of the impending introduction of new cryptocurrency rules, the finance minister reportedly advised investors to proceed cautiously while working with cryptocurrencies. 

Nirmala Sitharaman, Finance Minister, stated :

The government has already warned. I think all of us will have to share our thoughts and move with a bit of caution on this.

Ed Froze Crypto Exchanges

Her comments were made at a time when the Indian Enforcement Directorate (ED) is looking into cryptocurrency exchanges as part of its investigations into money laundering. At least two cryptocurrency exchanges assets have been frozen by the law enforcement organization this month. On August 5, Wazirx’s bank assets totaling $8 million, and Vauld’s bank and cryptocurrency assets worth around $46 million were both frozen.

Nirmala Sitharaman, recently disclosed that the Reserve Bank of India (RBI) had suggested that the government create cryptocurrency rules. According to the Finance Minister, if the prohibition is to be implemented, the government will need international cooperation. She further said that the development of a uniform taxonomy and standards, as well as a strong international collaboration on risk and benefit analysis, are all necessary for any prohibition legislation to be effective.

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