According to Deep Tide TechFlow news on October 23, as reported by Cryptonews, the Indian government is weighing a ban on private cryptocurrencies like Bitcoin while actively promoting the adoption of central bank digital currency (CBDC). According to the Hindustan Times, Indian regulators are inclined to implement a cryptocurrency ban after consulting with several key institutions.

A senior official stated: "CBDC can achieve all the functions of cryptocurrencies, but with lower risks." The Reserve Bank of India (RBI) is actively promoting retail CBDC, planning to increase the daily transaction volume to 1 million by the end of the year, currently averaging about 18,000 daily transactions.

The RBI is developing new features such as offline transactions and plans to integrate the digital rupee with the Unified Payments Interface (UPI). India's Secretary of Economic Affairs, Ajay Seth, revealed in July that an inter-ministerial group is drafting a cryptocurrency policy document, which may include options for stricter measures against private cryptocurrencies.

India's attitude towards cryptocurrencies has experienced multiple reversals. In 2018, the RBI banned banks from handling cryptocurrency transactions, which was overturned by the Supreme Court in 2020. In November 2023, RBI Governor Shaktikanta Das emphasized the potential risks of cryptocurrencies to the Indian economy, supporting CBDC as a safer alternative.