India to Ban Private Cryptocurrencies, Develop CBDC
India intends to ban private cryptocurrencies. Bitcoin, Ethereum, and other major currencies are public currencies and are not part of the ban. India will also create its own central bank digital currency. India has recently revealed a crypto bill that aims to ban all private cryptocurrencies starting November 29. The news sent a tumble in the price of major cryptocurrencies like Bitcoin and Ethereum on India-based crypto exchanges. However, the Indian market’s panic may be unfounded, as the bill will not target most cryptocurrencies. Specifically, the bill will ban only private cryptocurrencies. What Is a Private Cryptocurrency? For those who
