As the Indian government prepares to introduce the cryptocurrency bill, there are reports that it is considering blocking the IP addresses of cryptocurrency exchanges. Despite ban reports, many people in the Indian crypto community believe that the government will not impose an outright ban on cryptocurrencies, including bitcoin.
Blocking IP Addresses of Crypto Trading Platforms
The Indian government is reportedly “considering the blocking of internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening,” Business Standard publication reported Monday, citing an unnamed “source in the know.” This measure, if implemented, will be part of the government’s efforts to impose a ban on cryptocurrencies.
Indian Finance Minister Nirmala Sitharaman recently said that the cabinet note regarding cryptocurrency legislation is being finalized and will be soon submitted to the cabinet. A bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is listed for consideration in the current parliamentary session.
The Indian government has attempted to block the IP addresses of adult sites and hundreds of Chinese applications before, the publication conveyed, noting that people were still able to access the sites through virtual private networks (VPNs).
An industry expert was quoted by local media as saying:
Various routes — like VPNs, peer-to-peer trading, using cash to buy/sell cryptocurrencies and use wallets outside India to store and transfer cryptos, using part of the money permitted to send abroad for investment within the liberalised remittance scheme limit of $250,000 can be diverted for buying cryptocurrencies — remain loopholes.

Story continues on Bitcoin.com

Related posts
AbraBusinessCrypto ExchangesLoan

Crypto Exchange Abra Launches Fiat Loan Feature

The new feature lets customers take out a loan by providing crypto as collateral. Abra Introducing Fiat Loans Abra is rolling out a new loan feature.   The crypto exchange’s customers can now borrow U.S. dollars when they provide crypto as…
Bitcoin.comDvision NetworkNFTSponsored

Dvision Network Set to Release Limited-Edition NFT Characters

The NFT sector continues to grow, and it is no surprise that Dvision Network is looking to release NFTs. The Virtual Reality blockchain platform offers users the opportunity to purchase virtual space within its ecosystem, and NFTs are a significant…
BanBithumbBusinesskoreaorder book sharingregulationregulatorstrict

OKEx Korea Shutting Down, Customers Must Withdraw Funds

OKEx Korea released a statement on Tuesday saying customers must withdraw their fiat and crypto funds before Apr. 7, at which time the exchange will shut down permanently. OKEx Closure Part of a Wider Problem The exchange did not give…