Indian government's plan to ban cryptocurrencies leads to heavy selling - investors

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration//File Photo

MUMBAI (Reuters) - Plans by the Indian government for a new bill that would bar most private cryptocurrencies has triggered heavy selling in the country's digital currency markets, as investors look to exit positions despite the losses, said traders and investors.

The government will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda released late on Tuesday for the winter session of Parliament set to start this month.