India’s digital asset investors face more uncertainty amid reports the government is mulling a block on internet protocol (IP) addresses of exchanges and companies that trade cryptocurrencies.
- The claim comes via a report Monday from local magazine Business Today, citing a source with knowledge of the matter, but cannot be verified.
- Previously, India has attempted to block IP addresses of adult sites and some apps, according to Business Today, but with limited success due to the use of virtual private networks (VPN).
- India's government has said it plans to introduce a bill in the current session of parliament that would ban “private cryptocurrencies,” though its scope is far from clear.
- There have been mixed signals regarding the planned legislation, with one government official stating India would completely ban cryptocurrency use, and another suggesting that will not be the case.
- Minister of Finance and Corporate Affairs Nirmala Sitharaman said earlier this month, “From our side, we are very clear that we are not shutting all options. We will allow certain windows for people to do experiments on the blockchain, bitcoins or cryptocurrency.”
- In February, Indian cryptocurrency exchanges launched the #IndiaWantsBitcoin campaign, an initiative to convince parliament to regulate cryptocurrencies rather than impose an outright ban.