Why India Is Seeking to Ban Private Cryptocurrencies In New Bill

India is planning to ban cryptocurrencies. 

On Tuesday, the Indian Government announced that it is introducing a bill in its Winter Parliament Session to ban private cryptocurrencies. The bill known as the Cryptocurrency & Regulation of Official Digital Currency Bill 2021, will “allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

India’s Parliament Winter Session starts on November 29.

So far, the news has had little impact on the cryptocurrency markets, unlike in September when China declared all cryptocurrency transactions illegal and caused a big sell-off in cryptocurrencies such as bitcoin, ethereum, and dogecoin. 

Related: Why Crypto Is Under Pressure on Friday


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