India to Launch A CBDC, Proposes to Ban Private Cryptocurrencies Last Updated: 01 February 2021 The Indian government is proposing a plan to ban all private cryptocurrencies in the country. The authorities are also planning to introduce a central bank digital currency (CBDC). New draft legislation New draft legislation from the government of India proposes a ban on all private digital currencies. The bill also seeks to create a framework for a central bank digital currency (CBDC). The proposal is pending approval from parliament and is up for discussion. Dubbed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, the proposal suggests a blanket ban on all types of private cryptocurrency. Barun Mitra, the founder, and director of an Indian policy think tank Liberty Institute said that the ban is not surprising. He said that the government has its eyes set on the private gold held by citizens for a very long time.