India May Block IP Addresses of Crypto Exchanges: Report

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Tanzeel Akhtar

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.