Bitcoin Daily: India Mulls Banning All Private Cryptocurrencies; Kraken, Coinbase Report Outages From Market Volatility

India is looking into a new bill that could ban private cryptocurrencies in favor of a national digital coin, a report says.

The bill, titled the “Cryptocurrency and Regulation of Official Digital Currency Bill,” could create a framework in which the official digital currency is rolled out and issued by the Reserve Bank of India.

In that case, the report says private cryptocurrencies would be banned in India, though exceptions would be allowed “to promote the underlying technology of cryptocurrency and its uses.”

Ninepoint Partners has completed a C$230 million, or $180 million, initial public offering (IPO) for its cryptocurrency fund, which has been fully invested, a report from CoinDesk said.

The bitcoin fund for Ninepoint, which started trading Wednesday (Jan. 27), was over 99 percent invested just on its first day, the report says.

The bitcoin fund was still available for both U.S. and Canada dollars, the report says, with a listing on the Toronto stock exchange under “BITC.U” and “BITC.UN.”

Ninepoint said this fund will have the lowest management fee structure for a listed Canadian bitcoin vehicle.

Recently, the market volatility springing from actions taken by Reddit users has spurred trouble for even some of the larger market veterans, according to a report from CoinDesk.

Kraken has begun trading again, the report says, although “intermittent connectivity issues” remain 17 hours after the company’s site went into full maintenance mode. Kraken fought a second day of connectivity issues after Thursday (Jan. 28) saw a spate of severe outages on the trading API.

In addition, Coinbase has gone through outages of “performance degradation,” the company said. The exchange worked on a fix while on Twitter reports surfaced of the exchange disabling USD buys. A spokesperson said the USD buys were down and it was related to the other issues.

Hours after the incident occurred, Coinbase updated its page to say that trading was 100 percent fixed.