India is one of the countries that has not confirmed their stand on cryptocurrency and there are some updates that govt is working on it. Although there is no official information and few interviews have indicated that things are going to be positive and there will not be a complete bank. Recently finance minister N Sitharaman told in an interview that they will keep the window open for crypto and this was anew that made the community happy.
Today there is a new report by the Business today that govt will be blocking the IP address of cryptocurrency exchanges. India is getting quite a good number of new users every day and such news plays a negative role to demotivate them.
Uncertainty around cryptocurrencies in India continues as the government is reportedly planning to block the internet protocol (IP) addresses of firms or exchanges that trade in cryptocurrencies. Speculations regarding the blocking of IP addresses have come at a time when reports have already surfaced that the Centre will table Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in Parliament very soon.
Its important to keep an eye on the news but I don't rely on them because I have been hearing similar news for the last 2-3 years. In fact, I can say that mainstream media is sharing anything about crypto to get more eyeballs on their website and they are using this trick to get more users.
On another note, if any website is blocked through the IP address then this is really not sufficient because VPN can become the alternative. VPN works in a way that can help us open the website without revealing the identity and we can access the website locked with an IP address.
Even if the government blocks the IP addresses of cryptocurrency exchanges, the measures may not be foolproof, according to industry professionals quoted in the report. They added that virtual private networks (VPNs) may be used by individuals to access the exchanges.
This new might sound easy but I think that its not at all easy to use because users can easily switch to VPN and if govt really wants to ban then they have to bank VPN as well. I don't think that its possible to ban VPN in the country because its not easy and will require a lengthy process to accomplish.
I hope mainstream media become more responsible and don't share anything unless they really get something confirmed because this is going to affect news users and as a result, it also affects the crypto community and its growth in the country.
Thank you so much