In a move that has led to panic selling among local crypto investors, the Indian parliament announced on Nov. 23 that it is deliberating a bill that seeks to “prohibit all private cryptocurrencies in India” to pave the way for a single official digital currency to be issued by the government. Cryptocurrency is massively popular in India. It hosts a roughly estimated 20 million crypto investors with holdings of around $5.38 billion (400 billion Indian rupees).