{"id":41176,"date":"2021-04-21T16:24:51","date_gmt":"2021-04-21T13:24:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=41176"},"modified":"2025-08-30T17:36:39","modified_gmt":"2025-08-30T14:36:39","slug":"opinion-banning-cryptocurrencies-in-india-would-be-a-bad-idea","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-banning-cryptocurrencies-in-india-would-be-a-bad-idea\/","title":{"rendered":"Opinion: Banning cryptocurrencies in India would be a bad idea"},"content":{"rendered":"<p>The Electronic Frontier Foundation (EFF), a digital rights advocacy group, criticised the government\u2019s proposed bill to ban cryptocurrencies.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">India&#8217;s politicians want to out-do Turkey with a complete cryptocurrency ban. Enforcing that would be a bitter blow to digital privacy in the country. <a href=\"https:\/\/t.co\/Uz0GuFQBPd\">https:\/\/t.co\/Uz0GuFQBPd<\/a><\/p>\n<p>\u2014 EFF (@EFF) <a href=\"https:\/\/twitter.com\/EFF\/status\/1384733130964312064?ref_src=twsrc%5Etfw\">April 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>EFF described the proposed ban as \u201cradical and excessive.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cIf authorities want to effectively enforce these rules, they would have to block and spy on traffic\u201d<\/em>, the article says.<\/p>\n<\/blockquote>\n<p>According to the organization, with the bill\u2019s approval the government would also cut off \u201cfully legal\u201d use cases for digital assets.<\/p>\n<p>Representatives of the EFF called for expanding access to financial services in India. They believe that cryptocurrencies could help with this. The organization noted that in 2017 one in ten residents of the country did not have a bank account.<\/p>\n<p>Rights advocates say that a ban on digital assets would lead to the spread of \u201cillegal\u201d resources that could abuse citizens\u2019 trust.<\/p>\n<p>In September 2020 <a href=\"https:\/\/u1f987.com\/en\/news\/media-reports-that-india-plans-to-ban-cryptocurrency-trading\">emerged<\/a> rumors of a possible ban on cryptocurrencies in India.<\/p>\n<p>In February 2021 Bloomberg reported that the government <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-india-to-allow-cryptocurrency-holders-to-close-positions-ahead-of-ban\">would allow<\/a> holders to withdraw digital assets within three to six months.<\/p>\n<p>In March 2021 the authorities <a href=\"https:\/\/u1f987.com\/en\/news\/india-requires-companies-to-disclose-cryptocurrency-assets\">obliged<\/a> companies to disclose cryptocurrency assets. It was also reported that India would consider a bill introducing <a href=\"https:\/\/u1f987.com\/en\/news\/media-indian-authorities-propose-prison-terms-for-bitcoin-holders\">criminal and administrative<\/a> liability for traders and miners.<\/p>\n<p>Subscribe to the ForkLog channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\">YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Electronic Frontier Foundation (EFF), a digital rights advocacy group, criticised the government\u2019s proposed bill to ban cryptocurrencies.<\/p>\n","protected":false},"author":1,"featured_media":41177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1305,278,1138,36],"class_list":["post-41176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-ban","tag-india","tag-opinions","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/41176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=41176"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/41176\/revisions"}],"predecessor-version":[{"id":41178,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/41176\/revisions\/41178"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/41177"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=41176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=41176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=41176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}