After politicians ED sends notice to our beloved application ! Know More - YP Buzz

 YP Buzz - 

                                      The Enforcement Directorate (ED) in India has asked a question on the crypto platform WazirX that could have far-reaching effects on the future of cryptocurrencies in India.



The ED has asked WazirX to explain why "withdrawing from crypto funds" is not a violation of the Foreign Exchange Management Act (FEMA), according to a report in The Economic Times. ED has asked WazirX to specify a transaction worth Rs 2,790.74 crore.

The type of cryptocurrencies and platforms allow users to buy and sell cryptocurrencies from their wallets to any person/company in the world. This is the basic premise of a blockchain book. The Economic Times quoted an official as saying, “This was done in violation of forex rules. The WazirX platform allowed clients to transfer cashless transcripts without proper documentation, making it a way to illegally withdraw money. ”

Cryptocurrencies have been experiencing heat from China and India for the past two months, and people are pulling out. Data from digital asset manager CoinShares released on Monday showed that the outflow from Bitcoin investments and products for the second week in a row.

There is a lot of uncertainty in the crypto universe right now, and the results are reflected in Bitcoin, the flagship cryptocurrency. Bitcoin prices have dropped below the $30,000 level as investors remain vigilant.

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 YP Buzz

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