India may block IP addresses of cyptocurrency sites, exchanges

The government is now reportedly considering blocking IP addresses of companies or exchanges where cryptocurrencies are being traded.

“Various routes — like VPNs, peer-to-peer trading, using cash to buy/sell cryptocurrencies and use wallets outside India to store and transfer cryptos, using part of the money permitted to send abroad for investment within the liberalised remittance scheme limit of $250,000 can be diverted for buying cryptocurrencies — remain loopholes,” a source told Business Standard.

Last week Reuters had reported that India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.