India may ban private cryptocurrencies under proposed legislation

According to reports, the Indian Parliament will consider a bill proposed by the government at the upcoming budget meeting that will ban private cryptocurrencies. The bill is called the "Cryptocurrency and Official Digital Currency Regulations 2021", which aims to ban all cryptocurrencies and provides a framework for the creation of official digital currencies issued by the Central Bank of India (RBI). The bill states that although the bill is an anti-private cryptocurrency, it will allow certain exceptions to promote the underlying technology of cryptocurrency and its use cases. According to reports, India’s budget meeting was held from January to March. If the bill is approved, India will become the only major Asian economy that bans private cryptocurrencies instead of regulating them.