On October 23rd, the Indian government is considering banning private cryptocurrencies such as bitcoin, while actively promoting the adoption of central bank digital currencies (CBDCs). According to the Hindustan Times, Indian regulators are leaning towards implementing a cryptocurrency ban after consulting with several key institutions.
According to the report, India's attitude towards cryptocurrencies has experienced many back and forth. In 2018, the RBI banned banks from processing crypto transactions, which was overturned by the Supreme Court in 2020. In November 2023, RBI Governor Shaktikanta Das highlighted the latent risks of cryptocurrencies to the Indian economy, supporting CBDC as a safer alternative.
India is considering banning cryptocurrencies while promoting the adoption of a CBDC digital rupee
2024-10-23 02:28:23
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