India is moving towards a complete ban on private cryptocurrencies like Bitcoin and Ethereum to manage risks in its volatile market. The government favors Central Bank Digital Currencies (CBDCs) for their benefits without the instability of private cryptocurrencies. CBDCs, supported by the Reserve Bank of India (RBI), offer a safer alternative for financial inclusion. The digital rupee, e₹, launched in 2022, is gaining momentum with over 5 million users and 16 banks. RBI Governor Shaktikanta Das sees CBDCs as a way to provide efficient financial services to vulnerable groups. India aims to expand CBDC use domestically and internationally for cross-border transactions. Despite recognizing blockchain's potential, India remains cautious about private currencies due to regulatory concerns. The future regulatory decisions may lead to a ban on private cryptocurrencies. CBDCs are likely to play a key role in India's financial landscape, promoting economic inclusion and digital transformation. Read more AI-generated news on: https://app.chaingpt.org/news