India Bans Crypto Again, But With A Twist

India Bans Crypto Again, But With A Twist

The Indian government is looking to ban cryptocurrencies one more time, but this time with a slightly more nuanced version of a blanket ban.

What Happened: A bill submitted for consideration at the Indian Parliament's so-called Winter Session would ban most — but not all — cryptocurrencies, according to a Tuesday report by local news outlet Times Of India.

The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021 would create the framework for the issuance of a central bank digital currency (CBDC) by the Reserve Bank of India. Privately issued cryptocurrencies, on the other hand, would be banned from India with certain exceptions meant to promote the underlying technology of cryptocurrency and its uses.

The development follows similar February reports that suggested that Indian authorities were indeed working on this bill with the intention to ban cryptocurrencies.

BTC Price Action: As of press time, Bitcoin is trading at $57,598 after gaining 2.34% over the last 24 hours.

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