Indian government sets to Ban cryptocurrencies

India's government is excepted to prohibit almost all private cryptocurrencies after planning to introduce a bill.

According to a bill slated for the winter parliament session, India's government is on track to impose a ban on all private digital assets such as Bitcoin and Ethereum, to name a few.

Based on the announcement published on November 23, the government listed "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" for presentation, consideration, and passing.

Moreover, in the bill, it is mentioned that a crypto bill will be presented in the winter session of Parliament, which begins on November 29 and concludes on December 23.

As per local reports, the ban will come to make place for the country's central bank digital currency (CBDC), which was also mentioned in the bill and the first version is expected to be launched in 2022.

Note that the Indian crypto community is not surprised about the bill as it is not the first time the government threaten to ban cryptocurrencies in the country.