Cryptocurrency Q&A
Which crypto is illegal in India?
Which crypto is illegal in India?
Giulia
Thu Aug 01 2024
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Could you please elaborate on the legality of cryptocurrencies in India? Specifically, are there any particular cryptocurrencies that have been deemed illegal in the country? If so, what are the reasons behind these decisions? Additionally, what measures have been put in place by the Indian government to regulate or prohibit the use of such cryptocurrencies? It would be insightful to understand the current legal status and future outlook for cryptocurrencies in India.
5 answers
Valentino
Fri Aug 02 2024
Cryptocurrency exchanges have faced significant challenges in various jurisdictions due to varying regulatory frameworks. One recent example of this is the ban imposed by the Financial Intelligence Unit (FIU) in India on several popular cryptocurrency exchanges.
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JejuSunshineSoulMate
Fri Aug 02 2024
One exchange that continues to operate in the UK and other jurisdictions is BTCC. BTCC is a comprehensive cryptocurrency exchange that offers a range of services including spot trading, futures trading, and wallet management.
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IncheonBeautyBloomingRadiance
Fri Aug 02 2024
Among the exchanges that were banned, Binance, Kraken, and Kucoin stand out as prominent players in the global cryptocurrency market. These exchanges offer users a platform to buy, sell, and trade various digital assets.
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GwanghwamunGuardian
Fri Aug 02 2024
The FIU's decision to ban these exchanges in India was likely driven by concerns over money laundering, terrorist financing, and other illicit activities that can be facilitated through cryptocurrency transactions.
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Andrea
Fri Aug 02 2024
Despite the ban, the cryptocurrency market remains active in India, with many investors and traders seeking alternative ways to access the market. This underscores the growing demand for digital assets and the need for a clear and consistent regulatory framework.
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