London Daily

Focus on the big picture.
Thursday, Sep 04, 2025

India announces plans to ban most cryptocurrencies in new clampdown

India announces plans to ban most cryptocurrencies in new clampdown

As well as banning most coins, the new bill will establish a new digital currency backed by the Reserve Bank of India.

India is on track to ban all but a few private cryptocurrencies after the government announced on Tuesday it was introducing a new financial regulation bill.

The 'Cryptocurrency and Regulation of Official Digital Currency' bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies.

Such a pre-verification approach would create obstacles for thousands of peer-to-peer currencies that thrive on being outside the ambit of regulatory scrutiny.

The price of Bitcoin dropped after the news was announced, falling 1.19 per cent in the last 24 hours and was trading at $56,615.97 (€50,483.89) at 12 pm CET on Wednesday, according to coinmarketcap.com.

Earlier this month, Indian prime minister Narendra Modi said all democratic nations must work together to ensure cryptocurrency "does not end up in wrong hands, which can spoil our youth" - his first public comments on the subject.

Earlier this year, the government considered criminalising the possession, issuance, mining, trading and transference of crypto-assets.

Money laundering and terror financing?


Modi recently chaired a meeting to discuss the future of cryptocurrencies, amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, sources separately said on Saturday.

The new rules are also likely to discourage marketing and advertising of cryptocurrencies, to dull their allure for retail investors, said an industry source who was part of a separate parliamentary panel discussion held on Monday.

The government is looking to classify crypto as an asset class, as demanded by the crypto exchanges, rather than as a currency, two sources told Reuters.

But the senior government official told Reuters that the plan is to ban private crypto-assets ultimately while paving the way for a new Central Bank Digital Currency (CBDC).

The Reserve Bank of India, which has voiced "serious concerns" about private crypto is set to launch its CBDC by December.

Bitcoin, the world's biggest cryptocurrency, is hovering around $60,000 (€53,000) and has more than doubled since the start of this year, attracting hordes of local investors.

No official data is available but industry estimates suggest there are 15-20 million crypto investors in India, with total crypto holdings of around 400 billion rupees (€4.77 billion).

Newsletter

Related Articles

0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
×