Foreign media: India considers banning private cryptocurrencies and promoting the adoption of digital rupee

Indian regulators are considering a ban on private cryptocurrencies such as Bitcoin and are bullish on the potential of central bank digital currencies (CBDCs) to provide a safer and more inclusive financial system, according to local media reports. The government has consulted major institutions on the issue, and many are in favor of banning private cryptocurrencies. They stressed that any potential benefits, such as ease of benefit transfer, could be achieved through the country's digital rupee. "CBDCs can do everything that private cryptocurrencies claim to do, but with much less risk," an official told reporters anonymously. They also said that stablecoins (cryptocurrencies pegged to assets such as gold) are not as safe as people often think. (CryptoSlate)