OPEN APP
Home / Markets / Cryptocurrency /  8 cryptocurrency fraud cases under ED probe: Finance ministry

8 cryptocurrency fraud cases under ED probe: Finance ministry

A Bill on cryptocurrency and regulation of official digital currency is under finalisation for consideration of the union cabinet, the ministry said.Premium
A Bill on cryptocurrency and regulation of official digital currency is under finalisation for consideration of the union cabinet, the ministry said.

  • The ministry said the RBI has been cautioning users, holders and traders of virtual currencies (VCs) through public notices that dealing in VCs is associated with potential economic, financial, operational, legal, customer protection and security-related risk

Listen to this article

NEW DELHI : Eight cryptocurrency-related fraud cases are under investigation by the Enforcement Directorate even as the Reserve Bank of India (RBI) has been cautioning users of virtual currencies of the potential risks involved, the finance ministry informed the Lok Sabha on Monday.

A bill on cryptocurrency and regulation of an official digital currency is under finalization for consideration of the Union cabinet, the ministry said. “The government does not collect data on digital currencies. However, eight cases concerning cryptocurrency related fraud are under investigation by the Directorate of Enforcement. Further, a case has also been registered by the Bangalore Zonal Unit of the Directorate of Enforcement in respect of Bitcoin. Further, the disclosure of information of these cases will not be in larger public interest," the ministry said in a reply to a Parliament question.

In response to another question, the ministry said RBI has been cautioning users, holders and traders of virtual currencies (VCs) through public notices that dealing in VCs is associated with potential economic, financial, operational, legal, customer protection and security related risks.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout