The Indian government set to ban cryptocurrencies

India is set to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill.

Expectations had grown in recent months that the government may soften its view on digital currencies.

The ban would relate to all private cryptocurrencies with certain exceptions to allow the promotion of the underlying technology and its uses.

Cryptocurrency prices dropped on Indian exchanges after the decision on the bill’s future was announced.

According to a government bulletin, the ban is part of the proposed Cryptocurrency and Regulation of Official Digital Currency Bill that will be introduced in its winter session.

The plan to prohibit all private cryptocurrencies appeared to be essentially the same as an earlier draft of the bill submitted in January.

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