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India Crypto ban: Crypto investors may switch to P2P transfer in case of ban

Synopsis Several cryptocurrency exchanges have reached out to the government in what is being seen as the last hope to lobby against a complete crypto ban in India. iStock The government does not have the infrastructure to execute a crypto ban in India, leading to proliferation of black economy, experts say. Cryptocurrency investors may take to peer-to-peer transfer method to dispose of or to continue holding on to their crypto assets in case the government goes ahead with the plan to ban such virtual money, experts and crypto exchanges have told ET. Several cryptocurrency exchanges have reached out to the government in what is being seen

Bitcoin will touch $100,000 soon, it s not a bubble, say cryptocurrency experts

Bitcoin will touch $100,000 soon, it s not a bubble, say cryptocurrency experts
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Crypto Exchanges, Experts may Move out

We ll soon meet in your inbox. Please wait. Blockchain experts rushed to regulated countries like Switzerland, Singapore, Estonia and the US, and an outright ban will have a similar effect, according to Mathew Chacko, partner at Spice Route Legal. He said blockchain innovation, which has a role to play in governance, data economy and energy, will come to a grinding halt in India. “For any innovative company to take advantage of blockchain the way they will do it is to use crypto assets to finance the growth of the blockchain company and if you ban that, it’s like you are permitting electric vehicles, but not funding it,” Chacko said.

Bitcoin pulls back after hitting fresh record near $50,000

For Indian crypto industry, the devil lies in the definition

For Indian crypto industry, the devil lies in the definition Premium Share Via Read Full Story Just like the price swings in cryptocurrencies, the news on regulations for the Indian crypto industry has been coming in thick and fast. While the government on 29 January listed a bill in Lok Sabha to ban all private cryptocurrencies, recent reports suggest that it might now bring in an ordinance to put that into effect. With the contents of the legislation unknown, experts say that the fate of investments worth $1 billion in digital currencies by Indians rests on how the Center defines a private cryptocurrency .

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