Indian Government Reportedly Plans to Block Crypto Exchange IPs
- The bill is expected to be tabled in the coming days.
The Indian government is considering to block the internet protocol (IP) addresses of cryptocurrency exchanges as a part of its upcoming ban on digital currencies, according to a report by Business Standard.
“By doing so, the government may succeed in blocking known sources of platforms permitting trading and investment of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. Still, the measure taken will not be foolproof in successfully executing the ban,” an industry insider told local media.
The government already listed the Cryptocurrency and Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of Official Digital Currency Bill, 2021, in the bulletin of the ongoing Parliamentary session, which will end on April 8 but did not table the bill yet.
Mixed Reactions from Ministers
Though earlier ministers revealed that the bill will put a ban on all cryptocurrencies in the country, except for those issued by central banks. But, the country’s finance minister recently hinted that it might not be a blanket ban on crypto operations. These mixed reactions created uncertainties among local crypto investors.
However, it is not clear if the IPs will be blocked only for domestic crypto exchanges or international ones too.
The Indian central bank already tried to curb local cryptocurrency circulations by limiting banks and financial institutions from serving cryptocurrency exchanges. Though the much smaller exchange shuttered, major local exchanges survived by offering peer-to-peer services.
Even if IPs are blocked, savvy crypto investors still can continue digital asset trading using virtual private networks (VPNs).
“Various routes — like VPNs, peer-to-peer trading, using cash to buy/sell cryptocurrencies and using wallets outside India to store and transfer cryptos, using part of the money permitted to send abroad for investment within the liberalized remittance scheme limit of $250,000 can be diverted for buying cryptocurrencies — remain loopholes,” the industry investor said.
The Indian government is considering to block the internet protocol (IP) addresses of cryptocurrency exchanges as a part of its upcoming ban on digital currencies, according to a report by Business Standard.
“By doing so, the government may succeed in blocking known sources of platforms permitting trading and investment of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. Still, the measure taken will not be foolproof in successfully executing the ban,” an industry insider told local media.
The government already listed the Cryptocurrency and Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of Official Digital Currency Bill, 2021, in the bulletin of the ongoing Parliamentary session, which will end on April 8 but did not table the bill yet.
Mixed Reactions from Ministers
Though earlier ministers revealed that the bill will put a ban on all cryptocurrencies in the country, except for those issued by central banks. But, the country’s finance minister recently hinted that it might not be a blanket ban on crypto operations. These mixed reactions created uncertainties among local crypto investors.
However, it is not clear if the IPs will be blocked only for domestic crypto exchanges or international ones too.
The Indian central bank already tried to curb local cryptocurrency circulations by limiting banks and financial institutions from serving cryptocurrency exchanges. Though the much smaller exchange shuttered, major local exchanges survived by offering peer-to-peer services.
Even if IPs are blocked, savvy crypto investors still can continue digital asset trading using virtual private networks (VPNs).
“Various routes — like VPNs, peer-to-peer trading, using cash to buy/sell cryptocurrencies and using wallets outside India to store and transfer cryptos, using part of the money permitted to send abroad for investment within the liberalized remittance scheme limit of $250,000 can be diverted for buying cryptocurrencies — remain loopholes,” the industry investor said.