No role in WazirX-Binance fiasco, says Finance Ministry

No role in WazirX-Binance fiasco, says Finance Ministry

Finance Ministry sources have said that the government has no role in it, despite the fact that it has no role in the WazirX-Binance scandal. It said that the Central Board of Excise and Customs CBIC is currently working on applicability of Goods and Services Tax on virtual assets.

Sources told Business Today that the government has no role in any fiasco between two criptocurrencies agencies. India's position on cryptocurrencies depends on what other countries plan to do, we will work as per an international collaboration. The sources said the RBI was of the view that it should be prohibited, and investors were warned of the risks.

They said that the CBIC is currently preparing a draft on the applicability of GST on VDAs, and that discussions on the same are at an early stage.

The comments came after the co-founder of Binance Changpeng Zhao and Nischal Shetty, co-founder of WazirX argued over the former acquisition of the latter, leaving WazirX users to feel the brunt of the feud.

The ED had announced on Friday that bank assets of Rs 64.67 crore held by WazirX Director had been frozen in connection with a case of money laundering via cryptocurrencies. After that, a spat took place between the founders. Zhao said that they could shut down WazirX, leading to panic among users. In a subsequent tweet he advised WazirX users to move funds to Binance. You can transfer funds on WazirX to Binance if you have funds on WazirX. Zhao said it was as simple as that.