Mumbai: Major cryptocurrencies ranging from Bitcoin to Ethereum and Dogecoin to Shiba Inu have recovered from a 15% drop yesterday due to the government’s proposed bill to ban private cryptocurrencies in India.
Bitcoin, Ethereum, Dogecoin and Shiba Inu were all trading up 10% on Thursday.
Bitcoin, the world’s largest and most popular cryptocurrency, was trading up 9% last time at Rs 45,44,500 on India’s leading crypto exchange WazirX. Similarly, Ethereum, the world’s second largest cryptocurrency, gained 9.91% to reach Rs 3,46,350.
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The government will bring the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the winter session of Parliament beginning November 29.
The bill aims to ban all except a few “private cryptocurrencies” while allowing official digital currency by the RBI.
According to Zebpay, holders of Bitcoin, Ethereum and other such tokens have heaved a sigh of relief. You are safe. These are completely public cryptocurrencies because they are built on a public blockchain network. Transactions can be traced, however, they are completely anonymous.
Private crypto, on the other hand, can refer to coins like Monero and Dash which are private tokens. Although these are built on a public blockchain network, they hide transaction information to provide privacy to the users.
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Last week, top crypto companies and players had a panel meeting with Members of Parliament. The meeting ended with the conclusion that cryptocurrencies “cannot be stopped, and therefore must be regulated”. A complete ban would not be an option considering the total investment has crossed over 10 crore Indian investors crossing Rs 6 lakh crore.
From a technology point of view, even a regulatory ban would not be possible. Transferring crypto from wallet to wallet is no different than sharing files from one network to another. Keeping these factors in mind, the government will not go ahead with a complete ban.
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