India to prohibit private crypto coins with ‘certain exceptions’

November 26, 2021

A bill from the Indian government called ‘Cryptocurrency & Regulation of Official Digital Currency Bill 2021’ will prohibit all private cryptocurrencies in the country, according to news portal Techcrunch.  However, it will allow “certain exceptions” to foster the principal technology of cryptocurrency and its applications. Furthermore, it will create a “facilitative framework” for designing the official digital currency for India, the legislative agenda adds.
There is also a sudden increase of interest among Indian millennials who are entering the crypto trading market. This has caused concerns as many might lose money from it. Lawmakers in India have for several quarters been discussing risks of cryptocurrency trading and trialing a central government-backed digital currency.
Local crypto currency exchanges are also growing exponentially. CoinDCX, backed by B Capital, and CoinSwitch Kuber, backed by a16z and Coinbase Ventures, became unicorns this year.
Source: Techcrunch
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