wordpress blog stats
Connect with us

Hi, what are you looking for?

Government wants to block IP addresses of crypto-exchanges post moratorium: Report

lock

The government is considering to block the internet protocol (IP) addresses of prominent crypto-currency exchanges in India, the Business Standard reported. The move will be implemented after a three to six month window for investors to square their crypto-investments, it said. In February, prior to the commencement of the Budget Session of Parliament 2021, the government announced that it would introduce a new piece of legislation banning crypto-currency trading, mining and investments in India. At the same time, the legislation will provide powers to the Reserve Bank of India (RBI) to build and launch a Central Bank-backed Digital Currency or Digital Rupee. The announcement came as a shock to the crypto-currency community in the country as they have been operating freely for almost a year, since the Supreme Court struck down the RBI's April 2018 circular which barred banks for dealing with crypto-currency firms. However, the Finance Minister has since clarified that the government will give investors a window to square their holdings and that it is planned a “calibrated” approach. It is important to note that even if the government blocks the IP addresses of crypto-currency trading and investment platforms, users can access any website through Virtual Private Networks. The government's concerns with crypto-currencies are two-fold. The first, is that crypto-currencies are global and sovereigns have very little control on speculative activity in these assets. The second, is that crypto-currencies can be used to finance frauds, ponzi schemes, terrorism financing and money laundering. However, crypto-entrepreneurs say that a ban…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ