India Mulls Crypto Ban, Considers CBDC Adoption
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
India is currently weighing a potential ban on cryptocurrencies like Bitcoin and Ether while exploring the adoption of a Central Bank Digital Currency (CBDC), according to reports published on Tuesday, October 22, 2024.
This shift in stance follows government concerns over the risks posed by private cryptocurrencies, as authorities evaluate the benefits of CBDCs, which they believe can provide similar advantages with fewer risks.
The Hindustan Times reported on Tuesday that Indian regulators, after consultations with key institutions, are increasingly leaning toward banning cryptocurrencies.
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