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News of Cryptocurrency Ban in India leads to a crash in the crypto market

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Last Updated on 24/11/2021 by Riya

After a bill was introduced to prohibit all private cryptocurrencies in India, digital currency on Indian exchanges dropped by 25% as opposed to worldwide exchanges. After the announcement regarding the bill, the value of bitcoin, the world’s largest cryptocurrency, went from a high of Rs 46,35,371 to a low of Rs 33,50,000 on WazirX.

Bitcoin was trading at roughly 37,80,000 in India on Tuesday morning, as per digital currency price and information data platform Coingecko, compared to $56,638.67 or 42,15,928 in worldwide markets. While in India, Ether, Shiba Inu, and Dogecoin were all trading at a 20% loss.

The government announced on Tuesday that the Cryptocurrencies and Rules of Official Digital Currency Bill, 2021, will be tabled in Parliament’s winter session, which commences on November 29.

The measure aims to outlaw all private cryptocurrencies in India, however, there will be some exceptions that will be allowed to encourage the use of cryptocurrencies and the technology. The bill also hopes to establish a model that will open a door for the Reserve Bank of India to develop an official digital currency.

The government had scheduled the identical bills for the February budget session, but it was never brought up for debate in Parliament. The government and crypto stakeholders also recently held discussions over the future of cryptocurrencies. According to reports, the Center is contemplating regulating cryptocurrency as a commodity rather than a currency.

Riya
Riya
Riya is a technology enthusiast and an avid researcher. She writes about consumer tech, hacking, and technology consumer issues at TheDigitalHacker.
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