India is on track to ban all but a few private cryptocurrencies after the government announced on Tuesday it was introducing a new financial regulation bill.

The 'Cryptocurrency and Regulation of Official Digital Currency' bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies, such as Bitcoin and Ethereum.

Earlier this month, Prime Minister Narendra Modi said all democratic nations must work together to ensure cryptocurrency "does not end up in wrong hands, which can spoil our youth" - his first public comments on the subject.  ...

The new rules are also likely to discourage marketing and advertising of cryptocurrencies, to dull their allure for retail investors, said an industry source who was part of a separate parliamentary panel discussion held on Monday.

[https://www.euronews.com/next/2021/11/23/india-is-planning-to-tighten-crypto-regulation-to-deter-trading-in-a-new-clampdown-sources https://www.euronews.com/next/2021/11/23/india-is-planning-to-tighten-crypto-regulation-to-deter-trading-in-a-new-clampdown-sources]

But ... banning cigarette ads on TV didn't ban smoking. Cryptocurrency "spoiling youth"? Ah, this is for the children...

Source: Euronews via [https://catless.ncl.ac.uk/Risks/32/94/#subj8.1 The Risks Digest]