India: A Back & Forth Affair With Cryptocurrency

India has reportedly been set to ban all but a few private cryptocurrencies. What does it mean, and what could lie ahead? Throughout the history of cryptocurrency, many countries have attempted to ban and limit access to coins and digital wallets. Some have had success for a small window of time, only to see it busted wide open when newer coins emerge and other countries join in. India has reportedly joined the list of people to go all out, as they are on track to ban all but a few private cryptocurrencies after the government announced on Tuesday it was introducing a new financial regulation bill. The back and forth affair with India and crypto continues. A bill was recently presented, and sets to shake things up for many of big name coins in India. The ‘Cryptocurrency and Regulation of Official Digital Currency’ bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and that will look to ban all private cryptocurrencies, which includes Bitcoin and Ethereum. Related Reading \ El Salvador Announces World’s First Bitcoin City, Backed By $1B Bitcoin Bonds Let The Rain Fall Down… Prime Minister Narendra Modi said earlier this month that “all democratic nations must work together to ensure cryptocurrency does not end up in wrong hands, which can spoil our youth.” It was his first public comments spoken directly on the subject. The law, whi...