India is considering a Ban on Crypto while exploring the adoption of a CBDC.

Concerns over the risks posed by crypto have led regulators to lean toward a digital rupee, which they believe offers similar benefits with fewer risks. According to a senior official, “CBDCs can do whatever cryptos do, but without the risks.”

The Reserve Bank of India (RBI) is actively promoting the digital rupee, introducing features like offline transactions and UPI integration to boost adoption, aiming to reach 1 million transactions per day by year-end.