BREAKING: Indian Government to Ban Almost All Cryptocurrencies

BREAKING: Indian Government to Ban Almost All Cryptocurrencies

India's government is on track to impose a ban on virtually all private cryptocurrencies during the winter parliament session.

It will allow for "certain exceptions" in order to promote the technology.

BIG NEWS for Startups working in cypto:Government intends to ban almost all private crypto currencies in India. #cyptobill #Cryptoindia #NewsAlert pic.twitter.com/zny8VUcBv8— Raghav Dhoot (@StartupLawyerIN) November 23, 2021

The ban sets the stage for issuing the country's central bank digital currency (CBDC).

The news doesn't come as a surprise for those who have been keeping tabs on regulatory developments in India. As reported by U.Today, a government source told Reuters last week that would prohibit all cryptocurrencies that lack the government's approval.

Bitcoin, as well as some major altcoins, appear to be unfazed by the news.

This is a developing breaking news story. Stay tuned for updates.

Source