The government of India is mulling a bill to ban most cryptocurrencies as it prepares to launch its own digital currency backed by Indian’s reserve bank.
The Cryptocurrency & Regulation of Official Digital Currency Bill 2021 will allow some exceptions—but Bitcoin and Ethereum are not among them. Indian is preparing to launch its own official digital currency next month.
China took a similar action earlier this year. It banned all cryptocurrency transactions. China is moving toward launching its own Digital RMB, under the umbrella of China’s Central Bank.
