The Indian government has announced that it is going to ban private cryptocurrencies.
The proposed legislation follows a similar move in China were they have made all digital currency transactions illegal.
India also announced that the country’s central bank will launch an official digital currency.
India’s prime minister, Narendra Modi, said last week that cryptocurrencies could pose serious concerns to the financial stability of the country.
In September, El Salvador became the first country to accept a cryptocurrency, bitcoin, as legal tender.