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Govt finds cryptocurrency ban unfeasible due to large crypto investments by Indians: Report

Such a ban may no longer be a realistic option for the government thanks to the scale of crypto trading in India.

"A middle path that balances the concerns of all stakeholders is more likely," a government source told the Economic Times on the possibility of the Indian government banning cryptocurrencies. Considering that Indians have made large investments in crypto assets, an outright ban is unfeasible, the source added. MediaNama reached out to the Ministry of Finance to confirm the development but did not receive a response. Finance Minister Nirmala Sitharaman had announced in August that the crypto bill is currently awaiting approval from the cabinet, not divulging any further details. At an estimated 2 crore crypto investors, India has one of the highest numbers of cryptocurrency owners. The government has considered a ban in the past, but the rapid adoption of cryptocurrencies in India might mean that such a ban is no longer a realistic option for the government. What's the…

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