India could adopt a ban on private cryptocurrencies at a parliamentary session and pave the way for its national cryptocurrency. The proposal to ban cryptocurrencies in India came from the ruling party and is going to a vote in parliament. If the proposed law passes all the prescribed procedure, in India a country with one billion and four hundred thousand inhabitants would be banned from trading all known cryptocurrencies such as bitcoin, ethereum and the like, but the use of other applications of blockchain technology would be promoted with certain exceptions.
Exceptions would be for government cryptocurrencies launched by the state itself through its central banks, the Reseerve Bank of India. Thus, the Indian central bank will get a monopoly on the placement of cryptocurrencies and their control, and India thus becomes the first major Asian country that did not introduce market control but a complete ban on "foreign" digital currencies. The ban has been talked about for years, but now it could finally come true.
The announcement of the ban on "private" digital currencies has caused outrage among everyone involved in India and beyond. Representatives of the Indian crypto community have expressed hope that parliamentarians will consult with experts on making such a decision.
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