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<ul class="wp-block-list news-points">
 <li>India plans to ban cryptocurrencies like Bitcoin and Ether and promote its CBDC, the digital rupee.</li>
 <li>The government’s plan has raised concerns over the future of WazirX, especially regarding its $230M hack.</li>
 <li>The regulators’ opposition to cryptocurrencies is primarily based on the inherent risks of virtual assets.</li>
</ul>
The Indian government is exploring a ban on privately-operated cryptocurrencies like Bitcoin and Ether. As part of the country’s digital finance plans, India intends to promote its central bank digital currency (CBDC), the digital rupee. India’s skeptical approach to crypto has raised concerns about the future of WazirX, especially after its recent $230 million hack.
India’s strategy focuses on tackling the risks associated with virtual assets. The government views the digital rupee as a way to mitigate these risks while gaining the benefits of cryptocurrencies. A government official stated, “CBDCs can do whatever cryptocurrencies do, but without the risks.” Officials are optimistic about the CBDC’s potential to address the challenges of financial innovation without compromising economic stability. This move has prompted discussions about…
The post <a href="https://coinedition.com/india-might-ban-bitcoin-and-ether-to-boost-its-cbdc/" rel="noopener noreferrer nofollow">India Might Ban Bitcoin and Ether to Boost its CBDC</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

India Might Ban Bitcoin and Ether to Boost its CBDC

Coin Edition

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