India Weighs Potential Ban on Cryptocurrencies

According to reports, India is weighing a potential ban on cryptocurrencies like Bitcoin and Ethereum, while exploring the adoption of Central Bank Digital Currency (CBDC). This shift in stance stems from the government's concerns about the risks posed by private cryptocurrencies, with officials assessing the benefits of CBDC, which they believe can offer similar advantages with lower risks. A senior official commented that CBDC can do everything that cryptocurrencies can do, but without the risks. Notably, looking at India's regulatory history with cryptocurrencies, the relationship has been marked by a series of policy reversals.