India announces plans to ban most cryptocurrencies in new clampdown

Sharing is Caring!

India is on track to ban all but a few private cryptocurrencies after the government announced on Tuesday it was introducing a new financial regulation bill.

The ‘Cryptocurrency and Regulation of Official Digital Currency’ bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies.

See also  Matthew McConaughey Announces He Won’t Run for Texas Governor

Such a pre-verification approach would create obstacles for thousands of peer-to-peer currencies that thrive on being outside the ambit of regulatory scrutiny.

The price of Bitcoin dropped after the news was announced, falling 1.19 per cent in the last 24 hours and was trading at $56,615.97 (€50,483.89) at 12 pm CET on Wednesday, according to

See also  IRS announces interest rates will remain the same for the first quarter of 2022

Earlier this month, Indian prime minister Narendra Modi said all democratic nations must work together to ensure cryptocurrency “does not end up in wrong hands, which can spoil our youth” – his first public comments on the subject.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.