India parliament in an announcement says the country’s government will introduce a bill to ban private cryptocurrencies and create a framework for a central bank-backed digital money,
The Lok Sabha says the proposed bill seeks to prohibit all private cryptocurrencies in India after Prime Minister Narendra Modi warned that Bitcoin presents a risk to younger generations and could spoil the youth if it ends up in the wrong hands.
Kashif Raza, founder of crypto-education platform Bitinning says the wording has created a panic adding that the industry expected the government to take a more favourable view after recent consultations with the industry.
He added that obviously there will be a shutter-down on the industry adding that the industry will die in its natural way. Intellectual capital will move away, investors will face losses.