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Proposed Indian Crypto Ban Update
Description
The Indian government has proposed legislation that could ban all cryptocurrency use, either trading or payments. Documentation released on Tuesday indicates that violators could be subject to arrest without a warrant. This legislation comes on the heels of China’s efforts to ban cryptocurrencies and crackdown on mining and trading operations. A founder at Ikigai Law was quoted in a Reuters story saying, “If no payments are allowed at all and an exception is not made for transaction [fees], then it will also effectively stop blockchain development and [NFTs].” As news of the crackdown hit the markets, investors were exiting the crypto sector, sometimes at a significant loss. Estimates indicate that, prior to the most recent news, there were around 15 to 20 million crypto investors in India holding about $6 billion in tokens.
Keywords & Tags
#crypto
#cryptocurrency
#china
#nft
#non-fungible token
#finance
#inflation
#business
#crypto news
#blockchain
#tech
#altcoins
#trading
#economic recovery
#digital asset
#crypto broker
#crypto mining
#transaction fees
#Crackdown
#regulation
#economic growth
#Indian government
#virtual currency
#Reuters
#Crypto Ban
#tokens
#documents
#economic outlook
#Indian Legislation
#Jail for Crypto Violators
#payments
#Ikigai Law
#crypto sector
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