India might ban private cryptocurrencies like bitcoin and develop a national digital coin

India's government plans to introduce a bill in the country's lower house that would ban private cryptocurrencies such as bitcoin and create a national cryptocurrency. The so-called "Cryptocurrency and Regulation of Official Digital Currency Bill" moves "to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India." Additionally, "the bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."Bitcoin's value jumped more than 20% to $38,566 on Friday after Elon Musk changed his personal Twitter bio to #bitcoin.This is not the first time Indian lawmakers have taken such a strong position on cryptocurrencies. In 2018, an Indian government panel recommended banning all private cryptocurrencies and proposed up to 10 years of jail time for offenders.That same year, India's then-finance minister Arun Jaitley said: "The…

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