India's finance minister warns of impending investigations and inspections of crypto-exchanges

Indian authorities take strict action against crypto exchanges as many are under investigation - Enforcement Directorate.

Nirmala Sitharaman, finance minister, has reportedly warned investors about the dangers of investing in crypto assets. According to her, cryptocurrency is not a substitute for fiat currency issued by the government. 

In addition, the finance minister said that new regulations would be drafted soon to protect investors in cryptocurrencies.

In connection with the upcoming inspections, it is said that there are significant risks for users of cryptocurrency exchanges, and more specifically their money, because, as we know, they are not protected by deposit guarantee funds. The government may have been spooked by the crypto boom in India, as the cryptocurrency market grew 641% from July 2020 to June 2021.