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Govt faces an uphill task if it wants to keep cryptocurrencies at bay
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NEW DELHI : Enforcing a ban on cryptocurrencies is very difficult, given the nature of blockchain, which is the underlying technology for it, industry experts said. This comes amid reports that the government is likely to bring cryptocurrencies under the oversight of local regulators.
First, cryptocurrencies exist in the digital space and outside the purview of governments. This means that though a government can ban exchanges from operating and stop companies from listing new coins, it cannot stop users from buying/selling cryptocurrencies.
Second, people used to trade in cryptocurrencies much before exchanges were launched in India around 2016, as Naimish Sanghvi, founder of a crypto media outlet CoinCrunch, pointed out. At that time,
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