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 â€œconsidering the blocking of internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening,â€ Business Standard publication reported Monday, citing an unnamed â€œsource in the know.â€ This measure, if implemented, will be part of the governmentâ€™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 â€œThe Cryptocurrency and Regulation of Official Digital Currency Bill 2021â€ 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:
Earlier this month, the Indian finance minister said that â€œThere will be a very calibrated position takenâ€ regarding cryptocurrencies. She subsequently emphasized that the government is â€œnot shutting all options off.â€
Her statements have given the Indian crypto community hope that India will regulate the crypto industry instead of imposing an outright ban.
Do you think the Indian government will block the IP addresses of crypto exchanges? Let us know in the comments section below.
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