India to ban private cryptocurrencies and launch official digital currency – Asia Newsday

The Indian government is preparing to ban private cryptocurrencies and allow the country's central bank to launch an official digital currency. The proposed legislation follows a crackdown on cryptocurrencies in China , where financial regulators and the central bank have made all digital currency transactions illegal. The Indian proposals were flagged in a parliamentary bulletin listing upcoming legislation which included one paragraph on "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021". The accompanying description of the bill appeared to leave some room for using cryptocurrencies, however. "To create a facilitative framework for creation of the official digital currency…