Indian government about bitcoin

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CRYPTO BILL UPDATE 15.03.2021 -- REALITY OF BITCOIN BAN IN INDIA

There are positions starting from backend engineers to engineering and product managers. Coinbase's announcement about its establishment in India comes at a time when the government said to propose the cryptocurrency ban and penalise miners and traders of popular cryptocurrencies including Bitcoin and Ethereum. The government was also planning to table the bill specifically to impose restrictions on private cryptocurrency transactions in the country.


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Coinbase is, notably, working towards hiring talent in India to expand its backend operations. However, that doesn't translate to any plans to grow its market or expand its traderbase.

The proposed bill would ban trading, mining, and even holding cryptocurrencies.

But nonetheless, many cryptocurrency experts do see India as an important market. Startups including cryptocurrency investment platform CoinSwitch Kuber are also projecting to bring millions of new Indian users on board in the coming future. What will be the most exciting tech launch of ? We discussed this on Orbital , our weekly technology podcast, which you can subscribe to via Apple Podcasts , Google Podcasts , or RSS , download the episode , or just hit the play button below.

“I have to pull out everything”: India’s cryptocurrency community braces for a sweeping ban

Cryptocurrency Prices across Indian exchanges. For the latest videos on gadgets and tech, subscribe to our YouTube channel. Photo Credit: Coinbase Coinbase is planning to open its physical office in India alongside allowing remote work. Coinbase is expanding its operations by establishing business in India However, Indian government said to propose a cryptocurrency ban Coinbase currently has openings for multiple positions based out of India. Further reading: Coinbase India , Coinbase , cryptocurrency ban , cryptocurrency , Bitcoin , Ethereum. Novice traders and investors like Tushar, many of whom bought cryptocurrency during the pandemic , are backing away from their investments out of fear of repercussion from the authorities.

And professional traders, with cryptocurrency investments running into several millions, are considering moving to countries friendlier to their trade, like Dubai and Singapore.


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    6. If the current bill becomes law, India would be the first major economy to enact a strict ban on owning cryptocurrencies. The first strict measures against trading came in , when the government restricted the accounts of known cryptocurrency traders , a measure that was lifted in March In , the government drafted a bill that proposed a year jail term for cryptocurrency holders but never passed it into a law. In January, the government tabled a proposal that aimed to create a framework for an official digital rupee , a government-backed coin that would aim to replace private currencies by banning them in India.

    Centre may block IP addresses of cryptocurrency exchanges

    The harsh precedent in April sent shockwaves through the ecosystem. Exchanges shut down , founders were arrested , and a brief market crash resulted.

    But the Indian cryptocurrency community, mostly individual traders and entrepreneurs, fought the restriction, which was ultimately overturned in the Supreme Court in March For over three years, year-old Keshav, who also asked to be identified only by his first name, has been a part-time trader. If the proposed ban goes into effect, Keshav says many like him would switch to websites like LocalBitcoins , a community platform for offline meetings, and trade bitcoins in cash. He already routinely moves a portion of his cryptocurrency to a hardware wallet for safekeeping.

    India does not have to invent the wheel.

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    Others are in favor of some sort of government regulation. In addition, the government is also concerned about protecting ill-informed consumers from falling for bitcoin ponzi schemes. After the ban, his money was stuck in an Indian exchange for months, so this time around, the large-volume trader started moving his operations outside of India, as news of possible legislation trickled in earlier this year.