Indian Finance Minister Cautions Crypto Investors As Exchanges Are Under Investigation

Indian Finance Minister Cautions Crypto Investors As Exchanges Are Under Investigation

As the country’s Enforcement Directorate (ED) looks into many cryptocurrency exchanges and freezes the assets of some trading platforms, India’s finance minister has issued a warning to investors regarding cryptocurrencies.

At a BJP Economic Cell event on Saturday, Nirmala Sitharaman, the Indian finance minister, reportedly issued a warning about cryptocurrencies. She issued a warning to the general public and businesspeople that cryptocurrency is not money.

On August 5, Wazirx’s bank assets totaling $8 million and Vauld’s bank and cryptocurrency assets worth around $46 million were both frozen.

The Enforcement Directorate (ED) of India conducts investigations into cryptocurrency exchanges as part of its money-laundering investigations.

At least two bitcoin exchanges’ assets have been frozen by the law enforcement organisation this month. Last Monday, Vauld’s bank assets worth around $46 million and Wazirx’s bank assets totaling $8 million were both frozen.

After receiving a summons in July, Vauld said in a statement posted on Saturday that it completely cooperated with the ED and provided all necessary information and documents.

Noting that the freezing order is particular to one client whose account was disabled after making use of the exchange’s services for a short while.

A Web3 development course will be made available for Latin America through Platzi and BNB Chain, a blockchain network developed by cryptocurrency exchange Binance.

The goal of this initiative is to encourage the region’s wider use of Web3 education and blockchain technology. The biggest obstacles to entering the industry are typically related to accessibility, education, and murky local government rules.

The grasp of how the technology works is frequently misinterpreted, even among individuals who have previously bought cryptocurrency.

As a result, education is crucial. In places like Latin America, where cryptocurrency has the ability to empower the local community outside of conventional, messy financial institutions, it is even more crucial.

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