Push Admin

India announces bill to ban cryptocurrencies amid PM warning of risks

Article (news)

Nivrita Ganguly, Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. Dado Ruvic, Reuters illustration/file" src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/11/23/20211123_fintech-india-crypto-currency.jpg"/><figcaption>Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. Dado Ruvic, Reuters illustration/file</figcaption></figure></div>India&#x27;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.The proposed bill &quot;seeks to prohibit all private cryptocurrencies in India&quot;, the Lok Sabha said, and comes after Prime Minister Narendra Modi warned last week that Bitcoin presents a risk to younger generations and could &quot;spoil our youth&quot; if it ends up &quot;in the wrong hands&quot;.It is the latest such move by a major emerging economy, after China declared all cryptocurrency transactions illegal in September.India&#x27;s crypto market has boomed since the country&#x27;s Supreme Court overturned a previous ban in April last year, growing more than 600 percent over the past year according to research by Chainalysis.Between 15 million and 100 million people in Asia&#x27;s third-largest economy are estimated to own cryptocurrencies, with total holdings in the billions of dollars.Their investments will now face an uncertain future.India&#x27;s central bank announced in June that it is working to introduce its own digital currency by the end of the year, while warning it has &quot;serious concerns&quot; about private cryptocurrencies like Bitcoin, Ethereum and others.The bill, to come before the new legislative session, will allow for some exceptions to promote cryptocurrency technology, according to parliament&#x27;s bulletin of upcoming business, but no further details about the proposed legislation were released.The market price of Bitcoin appeared unaffected and was up 1.67 percent in Tuesday&#x27;s trade.But the phrasing of the proposed bill sent alarm bells ringing among local traders and enthusiasts.&quot;The wording has created a panic,&quot; Kashif Raza, founder of crypto-education platform Bitinning, said, adding that the industry expected the government to take a more favorable view after recent consultations with the industry.&quot;Obviously there will be a shutter-down on the industry,&quot; he added. &quot;The industry will die in its natural way. Intellectual capital will move away, investors will face losses.&quot;<div>- Under scrutiny -</div>Cryptocurrencies have been under scrutiny by Indian regulators since first entering the local market in 2013.A surge in fraudulent crypto transactions following the Modi government&#x27;s demonetization of nearly all banknotes in 2016 led to the country&#x27;s central bank banning crypto transactions in April 2018.The Supreme Court lifted the ban two years later and investments have surged in the time since.Indians have been bombarded in recent months with advertisements for CoinSwitchKuber, CoinDCX and other home-grown crypto exchanges across television channels, online streaming services and social media.These platforms spent more than 500 million rupees ($6.7 million) on advertising spots during the recently concluded T20 cricket World Cup, research by TAM Sports showed, with viewers subjected to an average of 51 cryptocurrency advertisements per match.Analysts say regulation would be central to addressing security risks, with crypto exchanges increasingly targeted by cyber criminals as virtual currency prices soar.ng/grk/gle/je© Agence France-Presse

It is the latest such move by a major emerging economy, after China declared all cryptocurrency transactions illegal in September.

India announces bill to ban cryptocurrencies amid PM warning of risks

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

India announces bill to ban cryptocurrencies amid PM warning of risks

Nivrita Ganguly,

Agence France-Presse

Published Nov 24, 2021 05:50 AM PHT

Read More:

cryptocurrencies

cryptocurrency ban

digital money

crypto market

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.