India plans crypto ban along with CBDC launch

Cryptocurrencies2The Indian government is set to issue a ban on cryptocurrencies while also forging ahead with its plan to develop its own central bank digital currency (CBDC). The government finally brought its long-awaited bill to parliament which would see almost all cryptocurrencies banned in the country. The ban is part of a proposed Cryptocurrency and Regulation of Official Digital Currency Bill set to be introduced in the next parliamentary session. According to a government bulletin, the legislation aims to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”. The news has put paid to the prospect of the Indian government adopting a softer approach to regulating crypto, as was speculated following a meeting earlier in November when a government sources told Indian news agency Asia News International that any regulation of the crypto space would be “progressive and forward looking”. © 2021 funds global asia

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