China is starting to seem like a trailblazer—at least when it comes to banning cryptocurrencies. India's government said on Tuesday that it's thinking about outlawing private cryptocurrencies in favor of a central bank digital currency.
As reported by The Register, the announcement arrived in a bulletin detailing several bills the Indian Parliament is set to debate in December. The Bill in question is called "The Cryptocurrency and Regulation of Official Digital Currency Bill."
Here's the summary of the Bill's intent:
"To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India; however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."
The Register noted that it's unclear what exactly the Indian government plans to do with other cryptocurrencies, given how broad a statement "certain exceptions to promote the underlying technology of cryptocurrency and its uses" is.
