India is reportedly considering Chinese-style exchange ban for Bitcoin and cryptocurrency according to local media reports.
A brief article in today’s Economic Times names an unknown government “committee” as having advised lawmakers to “close” merchants and other “dealers” active in Bitcoin and altcoins.
No background reasoning was given for the committee’s recommendation, which comes as Bitcoin flourishes in both price and volume in India and in permissive jurisdictions around the world.
Hesham Reyman, CEO of Indian exchange Bitxoxo, told the publication the government should focus on “curbing” sales of cryptocurrency involving cash instead of seeking a ban.
At the same time, Forbes India this week carried a full feature on fellow major exchange Zebpay, which is currently adding around 200,000 users to its app-based trading platform every month.
Full-fledged regulation is several months into the research phase in India, a program at odds with the committee’s alleged desires.
“In the event of their closure, buyers can always head out to foreign exchanges,” anonymous experts told Economic Times, appearing confident that the cross-border alternative would be both easily accessible and free of consequences for private traders.
In a Q&A session Wednesday meanwhile, Chinese exchange BTCC CEO Bobby Lee suggested China was unlikely to permit exchanges to operate domestically in the foreseeable future.