As per a Business Standard report, the Indian government is contemplating blocking the IP addresses of crypto exchanges as part of its forthcoming ban on digital currencies. Nevertheless, the government did not mention whether it plans to block IP addresses of domestic exchanges or international ones. Moreover, earlier, the Central government attempted to block the IP addresses of adult sites and hundreds of Chinese applications, although people could still access them.
However, even if IPs are blocked, savvy crypto investors can still proceed with digital asset trading via VPNs (virtual private networks). VPNs (Virtual private networks) offer services that are not otherwise available. Furthermore, industry experts advocate that the government supersede blocking public platforms allowing trading and investment of cryptocurrencies. However, the measure taken will not be infallible in accomplishing the ban because of VPN other options.
India’s Crypto Adoption increases by 30%
Considerations about the blocking of IP addresses have come when reports have already surfaced that the Central government will table Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in Parliament shortly. However, earlier ministers unveiled that the bill will ban all cryptocurrencies in the nation, except for central banks’ digital currencies. The country’s finance minister lately indicated that it might not be a blanket ban on crypto transactions. These different reactions ignited questions amongst local crypto investors.
Moreover, India’s crypto adoption grows by 30%. The transaction of cryptocurrencies in India increased as much as 30% in volumes through the past year. Bitcoin, Ripple (XRP), Tether (USDT), and Tron (TRX) head the list of the most famous digital assets in India. There are approximately 10 million cryptocurrency users in India, and that globally would be around 100 million. Amidst the interest Indians have expressed in crypto, the future of crypto trading persists uncertain in India. The RBI has proposed too many concerns regarding the digital asset maintaining it may affect India’s financial stability.
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