Indian Government to Submit Bill to Ban Most Cryptocurrencies, Dashing Hopes for Friendlier Measure

The Indian government is still seeking to ban most cryptocurrencies under a long-awaited cryptocurrencies bill that will be submitted for consideration during Parliament’s Winter Session.

While the measure appears to be essentially the same as the draft bill submitted in January, expectations had grown in recent months that the government had softened its view on crypto and would perhaps seek to have it regulated as a commodity.

The bill, which would create a framework for a central bank digital currency (CBDC) by the Reserve Bank of India (RBI), seeks to ban all private cryptocurrencies except for “certain exceptions to promote the underlying technology of cryptocurrencies and its uses.”

This is a developing story and will be updated.

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