India: Are authorities really seizing crypto hardware wallets
While the lack of regulations for cryptocurrencies has become a problem in India, cryptocurrency users in the country have yet to be put off, with many looking for ways to get on the same page as legislators. However, there is a very problematic lack of clarity among users, especially as such regulations (or the lack of them) make compliance a very difficult job. Pay Silk.
According to a recent post by Crypto Kanoon, a legal information portal for the country’s crypto users on Twitter, Pay Silk. Indian authorities have now turned their attention to crypto hardware wallets by making deliberate attempts to seize them. The tweet in question read:
“Breaking: Word Arrives That Indian Flag Customs Department Hides Crypto Hardware Wallets”.
While the avenues to use crypto have yet to be completely closed, its use has become increasingly difficult thanks to confusing rules. Given the fact that the bull run is ongoing, India is seeing increased interest in crypto investments. In light of the need to be in charge of the cryptocurrencies themselves, many new entrants to the crypto market have turned to crypto hardware wallets. Pay Silk.
However, along with Crypto Kanoon, several major Indian crypto influencers also claim that the country’s customs department is marking such purchases. For example, Naimish Sanghvi, founder of CoinCrunchIndia, shared a screenshot of a message shared by a verified source. He read,
In this case, it should be noted that the veracity of this claim was still in doubt at the time of publication, especially since no customer had come forward to claim anything of this kind. In fact, no official notification or circular has been found from any government agency claiming a ban on imports of Bitcoin wallets.
It’s also worth noting that crypto hardware wallets continue to be available online, on Amazon, and on Ethernet. The latter, a popular reseller that has Ledger, Trezos, and SafePal wallets in stock, has noticed shipping delays lately due to a surge in global demand for wallets and rumors of a cryptocurrency ban in India.
While all are in smoke at the moment, what is evident is that the reactions of the crypto community have been furious. Although such reports have yet to be confirmed, many in the crypto community believe that this once again highlights the government’s antagonistic attitude towards digital assets. With the rumors of a cryptocurrency ban in India, speculation like these is unlikely to win the government over any cryptocurrency fanatic.
AMBCrypto has reached out to Crypto Kanoon, Ethernet, RBI officials, and some users to clarify the matter and will update the story accordingly. Pay Silk.