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…
