Govt considers blocking IP addresses of cryptocurrency exchanges

The government is considering the blocking of internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know.

Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India’s own digital currency in line with what China and other countries had done.

This move is part of that.

The government had also proposed to promote technology like blockchain.
 

Industry, however, says banning decentralised currencies like bitcoin and ethereum is not possible.

The proposal will be implemented once a period of three-six months —