What happened: On late Tuesday, India’s parliament announced it would present a law to ban private cryptocurrencies and create a framework for a central bank-backed digital currency. Details: The bill proposes to “prohibit all private cryptocurrencies in India,” according to the Lok Sabha. It follows Prime Minister Narendra Modi’s warning last week that Bitcoin poses a risk to younger generations. He said it could “spoil our youth” if it falls into “the wrong hands.” After China declared all cryptocurrency transactions illegal in September, this is the latest such measure by a major rising nation. 15 and 100 million people in Asia’s third-largest economy own cryptocurrencies, with total holdings in the billions of dollars. Sadly, their investments don’t stand a bright future. What else: Bitcoin’s market price remained unaltered, rising 1.67 percent in Tuesday’s transaction. However, the bill’s wording raised red flags among local traders.