Indian cryptocurrencies plunge over a proposed ban

Cryptocurrencies plunged sharply in India after reports emerged that the federal government may bring in a law to impose curbs on private players.

The government has listed a bill for the upcoming winter session of Parliament, starting November 29, seeking to ban all private cryptocurrencies.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the list of business for the Parliament.

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