Is India Banning Cryptocurrency? How Can It Do That?: QuickTake

India is one of the world’s fastest-growing markets for cryptocurrency trading, even though the ability to trade Bitcoin and its peers freely and anonymously undermines the country’s limits on the convertibility of its currency, the rupee. The central bank is clear that it wants all private cryptocurrencies banned while it creates an official digital currency. The government, however, is open to exceptions to promote blockchain technology. Amid these competing goals, Prime Minister Narendra Modi’s administration is racing to finalize legislation in time for the last parliament session of the year.

1. How big is crypto in India?

It’s one ...