**India to Ban Cryptocurrencies, Issue Digital Currency** India is moving forward with plans to ban most cryptocurrencies, according to a long-awaited bill. The government has been preparing to introduce new legislation to clamp down on the country's booming crypto trade. Private cryptocurrencies will be banned, with the country's central bank launching an official digital currency. The government has already issued compliance show cause notices to nine offshore crypto exchanges under its Prevention of Money Laundering Act. This suggests that India is serious about regulating cryptocurrencies and preventing them from being used for illegal activities. The move to ban cryptocurrencies is a controversial one. Some argue that it will stifle innovation and investment in the country. However, the government is concerned about the potential risks to consumers and the financial system. The ban is likely to have a significant impact on the cryptocurrency industry in India.
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