Although the lack of legislation for cryptocurrencies has grown into an issue in India, the country’s crypto-users have not yet been discouraged by many looking for ways to get on the same page as lawmakers. However, there is a very problematic lack of clarification among users, particularly since certain regulations (or lack thereof) make compliance a very difficult task.
According to a recent post by Crypto Kanoon, a legal knowledge platform for country crypto users on Twitter, the Indian authorities have now turned their attention to crypto hardware wallets by making very deliberate attempts to seize them. Read the tweet in question,
“Breaking: News of Crypto Hardware Wallets being ciezed by the Flag of India customs department is coming.”
Although the means to use cryptos have not yet been completely closed, their use has become increasingly difficult thanks to muddy rules. In view of the fact that the bull run is in progress, India is seeing more competition in crypto-investment. In view of the need to be in charge of one’s own crypto, many new entrants to the crypto industry have switched to crypto hardware wallets.
However, along with Crypto Kanoon, a number of prominent Indian crypto-influencers also say that such transactions are being flagged by the customs department of the nation. For example, Naimish Sanghvi, founder of CoinCrunchIndia, shared a screenshot of a message shared by a “confirmed source.” It reads,
Custom officials are not allowing imports of Crypto hardware wallets!
This was shared by a verified source! pic.twitter.com/fM0lh3shUO
— Naimish Sanghvi (@ThatNaimish) February 27, 2021
Here, it must be pointed out that the veracity of this argument was still in doubt at the time of the press, particularly because no customer had actually come forwards to claim anything of this kind. In fact, no official notification or circular from any government agency claiming a ban on imports of Bitcoin wallets was found either.
It is also worth noting that crypto hardware wallets are still available online, on Amazon, as well as on Etherbit. The latter, a prominent reseller with Ledger, Trezos, SafePal wallets in stock, has recently noted delays in shipping due to the “sudden increase” of global demand for wallets and crypto-ban rumours in India.
Although all is in smoke right now, what is evident is that the reactions of the Crypto-community have been angry. Despite the fact that such allegations have yet to be verified, many in the crypto-community claim that this again demonstrates the government’s antagonistic approach to digital assets. With crypto-ban rumours floating around in India, speculations like this are unlikely to win any crypto-fans from the government.
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