Cryptocurrency is not currency: Sitharaman warns entrepreneurs

Union Finance Minister Nirmala Sitharaman issued a warning to crypto investors during an event organized by the BJP’s economic cell. The Minister of Finance warned the public and entrepreneurs that cryptocurrency is not a currency.

During the show, she said the government had already issued a warning about this. We have to proceed with caution on cryptocurrencies. She also said that a new cryptocurrency law will soon be introduced.

Sitharaman said the Enforcement Directorate (ED) investigated cryptocurrency exchanges as part of the money laundering investigation. Meanwhile, the agency has also frozen the assets of at least two cryptocurrency exchanges. Freezing the account means that the company cannot carry out any transaction without the approval of the Enforcement Directorate.

The ED froze Wazirx’s $8 million in bank assets on August 5, and Vauld Crypto’s bank accounts and approximately $46 million in crypto assets were frozen last week.

Nirmala Sitharaman said that the Reserve Bank of India (RBI) has suggested that the government establish rules for cryptocurrencies. She said the government will need international cooperation if cryptocurrencies are to be banned. She added that we need to create uniform standards internationally.


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