Finance Minister of India Says Crypto Buyers Should "Exercise Caution"
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Indian Govt And Its Crypto Regulations
The Reserve Bank of India (RBI) still had plans to outlaw cryptocurrencies completely. The central bank asserted that digital currencies threatened the independence of the financial ecosystem. The Finance Minister of India said that effective implementation of such a prohibition required international cooperation.
The Indian government had planned to outright outlaw cryptocurrencies in November last year, but it decided against it. Local businesses are in a terrible situation as a result of the regulatory limbo that digital currencies currently experience. Cryptocurrency is still not accepted as legal tender in India. Strict tax regulations implemented earlier this year also posed a danger to the survival of the regional sector. In the crackdown on cryptocurrency exchanges, WazirX has been accused by India's Enforcement Directorate (ED) of helping to launder roughly $130 million. The authorities have frozen the exchange's bank accounts.
Changpeng Zhao, the CEO of cryptocurrency giant Binance, also had to clarify that the company didn't fully acquire the troubled exchange in 2019. The ED is also looking into at least ten additional Bitcoin exchanges for potentially breaking anti-money laundering regulations.