India is planning to ban cryptocurrency
Only a possibility for now
India’s government is preparing to reintroduce a bill that could ban crypto ownership and establish a central bank digital currency.
The bill would allow the government to ban all private cryptocurrencies. However, certain cryptocurrencies will be allowed to promote the underlying technology of cryptocurrency and its uses.
“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India,” the government said in a bulletin. “The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
If the bill passes, it would effectively ban the 15 to 20 million cryptocurrency investors in India from transacting in most cryptocurrencies.
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