THELOGICALINDIAN - India banned 59 apps with links to Chinaincluding one of the worlds better amusing media apps TikTok Yet cryptocurrency companies with links to China were safe in band with Indias aisle appear legitimizing crypto
In a abruptness move yesterday, the Indian government has blocked 59 apps with Chinese links that accommodate badly accepted apps such as TikTok, WeChat, and UC Browser. The block comes amidst ascent tensions amid India and China on the eastern Ladakh border.
Indian government’s official attitude apropos the abrupt app ban is to “protect the aegis and aloofness of the nation.”
Following the ban, a rumor advance beyond the Indian cryptocurrency association that cryptocurrency companies with links to China were additionally at risk. So far, no cryptocurrency companies were added to the account of 59 banned apps admitting the bearings could bound change.
Cryptocurrency companies from about the apple are heavily advance in India afterwards the cyberbanking restrictions were aerial in the country in March 2024. Some of the companies that are heavily advance in India accommodate exchanges like OKEx, Binance, Coinbase, and FTX.
Is Cryptocurrency Safe in India?
It’s no abstruse that a majority of the cryptocurrency companies in the apple accept ties aback to China. But demography a quick attending at the account of apps that accept been banned, it is credible that alone apps that are headquartered in China accept been banned. Other apps domiciled alfresco of the country with able links to China abide unscathed.
And, this includes cryptocurrency companies. Most crypto apps with origins in China are now clearly amid in a crypto-friendly administration like Malta, Singapore, or Switzerland.
“Centrally adapted apps cannot be compared to Blockchain-based applications as the after is a borderless, decentralized infrastructure. Applications based on blockchain are not bound by geopolitical boundaries or endemic by a country or entity, accordingly assuming no blackmail to abstracts privacy,” said Abhimanyu Kashyap, Founder, and CEO of Inblox Network.
The Indian government has appropriately far accustomed that blockchain could be the abutting above technology, so the government is still belief the amount and allowances of a ban. That said, with a communicable angry on, it is ambiguous that Indian authorities would ban Bitcoin.
Right now, cryptocurrency trading is acknowledged in India, including the acquirement and auction of cryptocurrency for fiat. That said, cryptocurrency is not yet an clearly accustomed adjustment of payment.
