Bitmain is one of the leading producers of ASIC, one of the leading companies that makes chips for mining Bitcoin. They are now refusing mining gear in India due to a recent important ban the country has placed. The Indian government is taking a heavy hitting approach to regulating the demand for cryptocurrency in the country.
The company made the withdrawal official. Bitmain gave their decision to stop providing their services to Indian customers the first week of December. The DGFT is an agency located in India and ran by their Ministry of Commerce and Industry. They regulate all foreign-born investments and assets that are being traded in country. Therefore, Bitmain doesn’t serve any orders hailing from India until a green light is given and the go ahead for the agency is given.
Only a few days ago, the customs officials notified Bitmain that the regulatory hold would stay in place until the order to release it is given by the DGFT. The measures taken must be inline with the Indian Governments needs and actions. As of now they are making very clear attempts to stop the motivation companies and individuals have to bring more cryptocurrencies into the country. And one of the fastest ways they can do this is by restricting the allowance of mining hardware that is brought into the country. This is only the first blow the government is taking to stop the efforts of people focused around cryptocurrency.
Th recent ban has brought up serious concern for Bitmain customers who had already been placing orders for some time. The company promises refunds for any customers who’ve ordered hardware that hasn’t already been delivered.
Now people are asking, will India place a general ban like China?
Until now, there have been no issues with people in India placing orders on such hardware. But since the new restrictions and ban has been put, people are seeing that the Indian government clearly doesn’t want anything to do with cryptocurrency being allowed in the country. They have made it very plain and simple, the Indian Finance Manager recently declared Bitcoin to be illegal in the country. That is a very clear and distinct statement in reference to how they view the currency.
And this is likely just the beginning. Now the entire regulatory commission is taking even more unknown actions against cryptocurrency. And crypto users in India are starting to become more and more anxious about what happening next. Many think that India will follow China’s lead and ban cryptocurrencies altogether as well any related exchange.
Many of the cryptocurrency investors have filed a right to any information application the government is taking. The investors have stated that there are zero clear cut documents explaining how individuals are supposed to handle the regulations set in place. There is a very clear and distinct issue that is arising against cryptocurrencies and the investors are looking for the answer it would seem.