As digital currency grows in popularity and blockchain technology grows in influence, governments are facing the challenge of governing the unregulated market while establishing their own regulated alternatives. But in India, the government may instead choose to ban the trade, mining, and possession of digital currencies like Bitcoin and Ethereum altogether—and replace them with its own Central Bank Digital Currency, or CBDC. If the ban were to be imposed, India would be the first major economy—and the first major democracy—to institute a ban on crypto possession.