It has been reported that the government of India is close to finalizing the bill for cryptocurrencies. There are reports that the decision from the Indian government may not be in the favor of cryptocurrencies. Rumors are that the government of India is currently in the process of considering whether it is going to let the crypto-exchanges operate in the country or not.
There are many sources reporting that there are high chances that the Indian government may get the IP addresses of the cryptocurrency exchanges blocked in the country.
So far, the reports surrounding the full ban of cryptocurrencies in the country are yet to give the final answer. Even after such rumors, there are possibilities that the government of India may not impose full bans on the cryptocurrencies in the country.
However, the reports surrounding the consideration of the Indian government banning cryptocurrencies and its associates are hot in the country.
It has been reported that the government of India is indeed in the process of considering whether it is going to ban the IP addresses of cryptocurrency trading or asset managing firms or not.
As per one of the news publishing firms “Business Standard Publication”, an inside source has shared an alarming piece of information. The source requesting to remain anonymous has revealed that the government of India may indeed proceed with getting the IPs of cryptocurrency exchanges blocked.
The source stated that if the Indian government does this then it would only be its efforts to ensure that the usage of cryptocurrencies is banned in the country.
Nirmala Sitharaman, who is the Finance Minister of India had recently released a statement for the cryptocurrency followers in the Country. The statement she made was surrounding the legislative stand of the Indian government around the usability and adoption of cryptocurrencies.
She revealed that the legislation on cryptocurrencies was in its final phases of verification. Once that is done, the legislation surrounding the implementation and practices of cryptocurrencies will be submitted to the cabinet for the announcement.
The latest bill for cryptocurrencies for the year 2021 has been under consideration by the Indian Parliament.
If the Indian government ends up getting the IP address of the cryptocurrency exchanges in the country, it would not be the first time the Indian government would have done it.
In the past, the Indian government has gotten the IP addresses blocked for many adult websites as well as several Chinese applications. Despite the adult websites and the Chinese applications being blocked, it is still not a surprise for someone who is used to acquiring the services of VPNs (Virtual Private Networks).