India's government could be set to ban private cryptocurrencies as it forges ahead with a CBDC.
A bulletin on the Indian parliament website says the government plans to introduce a bill to "prohibit all private cryptocurrencies in India".
However, it goes on to say that it would allow for "certain exceptions to promote the underlying technology of cryptocurrency and its uses".
Meanwhile, the bill will also "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India".
Indian prime minister Narendra Modi recently said that cryptocurrencies could “spoil our youth” while the country's central bank has long been sceptical of the likes of bitcoin.
In 2018 the RBI banned financial institutions facilitating services related to cryptocurrencies. The move was overturned by the supreme court last year.