BREAKING: Indian government bans almost all cryptocurrencies

The Indian government is well on its way to banning virtually all privately issued crypto such as bitcoin and ether, according to a bill expected for the winter session of parliament.

It would allow “certain exceptions” to promote the technology, according to the bill’s program Indian:

Providing a favorable framework for the creation of an official digital currency issued by the Reserve Bank of India. The bill also aims to ban all private cryptocurrencies in India, but allows certain exemptions to promote the cryptocurrency’s underlying technology and uses.

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This ban creates the conditions for the issuance of the country’s central bank digital currency (CBDC), which was also mentioned in the bill. The first version is scheduled to hit the market in 2022.

This news comes as no surprise to those who have been following the regulatory developments in India regarding digital assets. A government source told Reuters last week that the government would ban all cryptocurrencies that lack government approval.

Only when a coin has been approved by the government can it be traded, others who own or trade it can be fined.

However, in early November, the Economic Times reported that cryptocurrencies are only being banned as a means of payment in India.

Bitcoin, as well as a number of key altcoins, seem unimpressed by the news.