India Considers Banning Private Cryptocurrencies While Promoting CBDC Adoption

According to BlockBeats, the Indian government is contemplating a ban on private cryptocurrencies such as Bitcoin while actively promoting the adoption of a Central Bank Digital Currency (CBDC). This development follows consultations with several key institutions, as reported by the Hindustan Times. India's stance on cryptocurrencies has seen multiple shifts over the years. In 2018, the Reserve Bank of India (RBI) prohibited banks from handling cryptocurrency transactions, a decision that was overturned by the Supreme Court in 2020. In November 2023, RBI Governor Shaktikanta Das highlighted the potential risks that cryptocurrencies pose to the Indian economy, advocating for CBDCs as a safer alternative.