Indian government’s plan to ban cryptocurrencies leads to heavy selling-investors – Reuters

Indian government’s plan to ban cryptocurrencies leads to heavy selling-investors – Reuters

MUMBAI, Nov 24 (Reuters) - Plans by the Indian government for a new bill that would bar most private cryptocurrencies has triggered heavy selling in the country's digital currency markets, as investors look to exit positions despite the losses, said traders and investors.

The government will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda released late on Tuesday for the winter session of Parliament set to start this month. read more

The bill, if passed, would effectively ban citizens in India from transacting in most cryptocurrencies.