MUMBAI, Nov 24 — India’s government will introduce a bill to ban private cryptocurrencies and create a framework for a central bank-backed digital money, parliament said in a shock announcement late Tuesday.
India’s crypto market has boomed since the country’s Supreme Court overturned a previous ban in April last year, growing more than 600 per cent over the past year according to research by Chainalysis. “The wording has created a panic,” Kashif Raza, founder of crypto-education platform Bitinning, said, adding that the industry expected the government to take a more favourable view after recent consultations with the industry.
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