amid the news of cryptocurrency is being regulated Soon by the government, crypto investors were in a panic from day one. NS bitcoin prices, Solana and other cryptocurrencies fell a day earlier, but rose slightly on Thursday, November 25, as markets began to stabilize after the initial ripple effect. The government had listed the bill to be introduced during the winter session of Parliament two days ago. The bill, the ‘Cryptocurrency and Regulation of Official Digital Currency’ bill, seeks to ban private digital tokens except for a few and introduce the Reserve Bank’s central bank digital currency. India Instead.
Bitcoin was trading at Rs 43,69,008 in the Indian market, crypto trading website WazirX showed. This was slightly above the 34,00,000 mark that the world’s largest cryptocurrency registered on Wednesday, 24 November. cryptocurrency Prices in the Indian market fell up to 20 per cent on Wednesday as investors started selling their assets in panic.
“Tuesday night, we saw huge selloff in Rupee (INR-Crypto) market on WazirX. When investors started selling in panic, we saw a fall of 15-20 per cent in prices. However, there is a recovery in the market and at present it is at a discount of 3-4 per cent. A similar reaction was seen in January, when the contents of the bill were disclosed,” WazirX CEO Nischal Shetty was quoted as saying by The Times of India.
A bill banning all private cryptocurrencies in India will be introduced in the upcoming winter session of Parliament, with some hope of boosting blockchain technology, the government said. The bulletin listing the legislative business posted on the Lok Sabha’s website said, “The bill seeks to ban all private cryptocurrencies in India, however, it seeks to promote the underlying technology of cryptocurrencies and certain measures to promote its use.” Allows exceptions.”
The Reserve Bank is also planning to launch its own digital currency. “To create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India,” it said. The Lok Sabha Bulletin did not give any other details regarding cryptocurrency and regulation of the Official Digital Currency Bill, 2021.
According to a report by CNBC TV18, former RBI governor Raghuram Rajan said that out of 600 odd cryptocurrencies present in the Indian crypto market, only two or three are left after the enactment of the upcoming bill.
“If things have value only because they’ll be expensive down the line, it’s a bubble,” Rajan told CNBC-TV18.
The former RBI governor compared the current craze about cryptocurrencies in India to the tulip craze in the Netherlands in the 17th century.
But in the current situation, experts are appealing to investors not to panic and take any decision.
“The cryptocurrency industry expects the government to involve industry stakeholders while drafting the bill. At CoinSwitch Kuber, we will follow the instructions given by the government. As of now, I urge all crypto asset investors in the country to remain calm. I recommend you do your own research before jumping to hasty conclusions. Investors should wait for a government statement on the matter and not rely on secondary sources of information,” said Ashish Singhal, Founder and CEO, CoinSwitch Kuber.
The government has repeatedly maintained that it will not completely ban cryptocurrencies in India, and only regulated private coins. A regulation mechanism will be put in place to ensure that crypto is not misused. The government is concerned about underground transactions taking place against cryptocurrency – particularly ‘hawala’ and its role in terror funding,” sources told CNN-News18 on Wednesday.
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