India is ready to go ahead with its plan to ban most cryptocurrencies in the country under a highly anticipated bill. Expectations had risen in recent months. The government could soften its view on digital currencies.
The ban would relate to all private cryptocurrencies with certain exceptions to allow for the promotion of the underlying technology and its uses.
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Cryptocurrency prices fell on Indian exchanges after the decision on the future of the bill was announced. According to a government bulletin, the ban is part of the proposed Cryptocurrency Law and Regulation of the Official Digital Currency will be presented in its winter session. The planned legislation aims to "create an enabling framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)."
The plan to ban all private cryptocurrencies appeared to be essentially the same as an earlier draft of the bill introduced in January.
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