India Proposes Cryptocurrency Ban
The Indian government is considering a plan to “ban all private cryptocurrencies” and to create a framework for a central bank digital currency (CBDC). The proposal is pending Parliament’s approval by April 8 and will be debated until then.
The legislative proposal, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, suggests a blanket ban on all ‘private cryptocurrency,’ which likely means coins such as Bitcoin and Ethereum. At the same time, the bill, filed yesterday, proposes the introduction of its own central bank digital currency (CBDC), joining a growing list of countries exploring CBDCs.