- The India government plans to ban cryptocurrency in the country.
- It will soon block all the IP addresses of all crypto exchanges in India.
- The crypto ban law in India will be one of the strictest laws in the world if approved.
India’s national government is now planning to propose a law that will ban cryptocurrency in the country. In addition, the law extends its power in blocking all the IP addresses of all crypto exchanges in India. Indeed, this law will shut down all crypto activities in the country.
Furthermore, all crypto traders, investors, and facilities in the country will face heavy penalties once the ban takes action. Specifically, this crypto ban law is related to the January government agenda that called for the banning of crypto.
India’s crypto community stands rightly confused by this decision. Since, just a week ago, the Indian finance minister clearly stated that India will not ban crypto. In fact, it was mentioned that the approval of crypto in the country was nearly complete. Truly, this was a message that brought hope to the crypto community in the country.
However, all hope is now slowly fading away as the government decides to proceed with the plan of banning cryptocurrency. India will be one of the strictest countries against cryptocurrency once this law will pass. For example, in China, the country prohibits the mining and trading of crypto but not asset acquisition.
Moreover, the crypto space right now is already booming and shows no signs of slowing down. For this reason, the Indian government should consider allowing cryptocurrency in the country. If it does, many people will benefit from the advantages that crypto brings, especially in this pandemic era.