08-19-2022 icon

India’s Finance Minister Implore Crypto Holders to be Vigilant as Officials Scrutinize Trading Platforms

By Lucy Adegbe

India Minister of Finance Nirmala Sitharaman allegedly noted a caution about crypto investment at a gathering set up by the BJP Economic Cell on August 13. She outlined to the masses and other private investors that crypto is not exactly a currency.

Sitharaman further recounted that the national governing bodies have already cautioned and it is left for every other person to be vigilant about this kind of investment. 

New18 had previously reported that the finance minister highlighted that stockholders be careful of the exchanges they decide to invest with pending the digital currency regulatory policy that would be approved soon. 

The repeated statement of warning followed the broadcast about the country’s Enforcement Directorate investigation into certain trading platforms that are reportedly connected to money laundering activities. No less than two trading protocol properties have been restricted within the past week. 

Wazirx’s digital property worth over 8 million was blocked on the 5th of August as well as Vauld’s property in bank and crypto amounting to a total of $46 million.

Vauld published a comment on Saturday disclosing that it has completely complied with the investigation authorities, providing them with all required records and information after the series of legal invitations in July. 

The exchange also clarified that the restriction was placed on a precise account that was temporarily used and halted by a customer. Vault also mentioned that the company always adheres to regulatory requirements and would push through with actions that benefit the platforms and its customers.