Indian crypto traders are again insecure due to speculation about blocking IP addresses of cryptocurrency exchanges

Indian crypto traders are again insecure due to speculation about blocking IP addresses of cryptocurrency exchanges
  • Although the volume of transactions with cryptocurrencies in India has increased by up to 30% in the last year, there are rumors about the blocking of IP addresses belonging to crypto exchanges.

Only yesterday we informed you that in India, the volume of cryptocurrency transactions has increased by up to 30% in the last year and today the situation for crypto is again uncertain.

Speculation about blocking the IP addresses of crypto exchanges was published today by the Indian daily Business Today, which claims that the government is allegedly planning such a step, but the source remained anonymous.

This information, which is not officially confirmed, thus again shuffled the cards and and uncertain the already calmer traders, who bet on the recent statement by the Minister of Finance that the government still has open possibilities in this area.

An expert from the industry also commented on the situation, who thinks that even if there is a blockage, there are many ways to get cryptocurrencies.

Various routes — like VPNs, peer-to-peer trading, using cash to buy/sell cryptocurrencies and use wallets outside India to store and transfer cryptos, using part of the money permitted to send abroad for investment within the liberalised remittance scheme limit of $250,000 can be diverted for buying cryptocurrencies — remain loopholes.

If India really banned cryptocurrencies and any access to trading, it would be the first major economy in which is holding of cryptocurrencies illegal.

Read also: In India, the volume of cryptocurrency transactions has increased by up to 30% in the last year

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