cnbc.com/2021/11/25/crypto-india-may-tighten-rules-not-impose-outright-ban-zebpay-says.html
The Indian government plans to introduce a new bill that seeks to ban most private cryptocurrencies. But it will allow "for certain exceptions to promote the underlying technology of cryptocurrency and its uses," a parliamentary bulletin says. Lawmakers may ultimately opt to impose tough regulations on the crypto market.

India is set to propose a new cryptocurrency bill in parliament. Investors are trying to make sense of what this might mean for the future of virtual coins. Lawmakers may ultimately opt to impose tough regulations on the crypto market instead of an outright ban on private coins, according to a top executive at Zebpay.

The government is looking for some kind of regulation, but not a complete ban. It will allow "for certain exceptions to promote the underlying technology of cryptocurrency and its uses" The central bank is considering a digital Indian rupee that could launch in the second quarter of 2022. "There has been lots of positive vibes from the government," says a source.

"The message or the feelers which we are getting from the government is that they are looking for some kind of regulation," he says. "Strict regulation, but not a complete ban," he adds. "The message ... is that we need to be very vigilant"
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