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Proposed Indian Crypto Ban Update

00:00:47

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.

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