India to ban private cryptocurrencies and launch official digital currency

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…