More woes for digital currency holders in India on the horizon. After months of uncertainty ushered in by years of deliberation by the Indian government, reports claim that policymakers are now mulling a block on the IP addresses of cryptocurrency exchanges.
India’s increased scrutiny on crypto trading comes at a time when the nation is considering a blanket ban on cryptocurrency trading, mining, and holding.
India Crypto Debacle Ongoing
After India’s Supreme court reversed a crypto banking ban roughly one year ago, there are reports of a new ban this year. Quoting sources familiar with the matter, local publication Business Today reported on Monday that the Indian government is considering a ban on Internet Protocol (IP) addresses of cryptocurrency exchanges and firms that allow the trading of crypto. This comes as speculation is rife with the Indian government’s outlook on crypto.
In particular, the Indian government is set to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will prohibit all cryptos in the nation. However, the extent of this ban is still unclear.
Nonetheless, the fiasco of Indian policymakers and officials delivering contrasting statements about the plans in store for private cryptocurrencies continues. Earlier this month, a top government official told Reuters that what will possibly be one of the world’s most draconian laws was in the works. The unnamed official posited that the proposed bill would completely ban trading, mining, possession, or transfer of crypto assets. Crypto holders in the country will …
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