In a significant move, India has imposed a ban on foreign cryptocurrency exchanges, effectively blocking their operations within the country. This decision has led to a surge in the use of local exchanges by Indian crypto enthusiasts.

The ban has been implemented by restricting access to the websites of these foreign platforms. Additionally, the downloading of new applications from these exchanges has also been prohibited. This move is seen as a clampdown on foreign platforms, pushing users towards domestic exchanges.

The decision was announced on January 13, 2024, marking a new chapter in India’s approach towards the regulation of digital currencies. The impact of this decision on the country’s burgeoning crypto market remains to be seen.

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