Finance Monthly - December 2021

8 Finance Monthly. THE MONTHLY ROUND-UP News You Can’ t Af ford to Mi ss The Mon t h l y Round -Up Earlier in the year, the Indian Government con- sidered criminalising the possession, issuance, trading, mining, and trans- ference of crypto assets. According to Reuters, the government plans to ban private crypto assets while simultaneously paving the way for a new Cen- tral Bank Digital Currency (CBDC), which the govern- ment plans to launch by December this year. India is set to ban all but a few private cryptocur- rencies following the government’s Tuesday announcement that it was introducing a new finan- cial regulation bill. India’s “Cryptocurrency and Regulator of Official Digital Currency” bill will generate a facilitative framework for the Re- serve Bank of India to i ssue an official digital currency and ban most private cryptocurrencies. The approach will create obstacles for thousands of peer-to-peer currencies that are currently thriving outside of regulatory scru- tiny. Following the news, the price of bitcoin dropped by 1.19% and, according to coinmarketcap.com , was trading at $56,615.97 at 12 pm CET on Wednes- day 24 November. However, the announce- ment by the Indian Gov- ernment was not wholly unexpected. Earlier this month, prime minister Narendra Modi said that all democratic nations must work together to ensure cryptocurrency “does not end up in wrong hands, which can spoil our youth.” India To Ban Almost All Private Cryptocurrencies in New Clampdown