Cryptocurrency prices crash after government announces ban on private cryptocurrencies in winter session bill
Upcoming Cryptocurrency Bill Aims to Regulate Digital Currency in India
Hours after the government announced that it would introduce a cryptocurrency bill during the winter session of the National Assembly, which seeks to ban all private cryptocurrencies in the country, all cryptocurrency prices have dropped. 15% or more discount.
As of 11:45 a.m. on November 23, all major cryptocurrencies have seen a drop of around 15% and beyond, with Bitcoin down around 17%, Ethereum down 15%, and Tether down almost 18 %.
Cryptocurrencies and Regulations of the Official Digital Currency Bill 2021 seeks to create a favorable framework for the creation of a full-fledged digital currency developed by the Reserve Bank of India (RBI). onion. The bill seeks to ban all private cryptocurrencies in the country, but would allow certain exceptions to promote the underlying technology and its use.
The Cryptocurrency Bill, which aims to regulate digital currencies, will be introduced in Parliament during the winter session starting on November 29. The bill is among a total of 26 bills that have been listed for introduced, according to a government statement today. .
Last week, the first discussion of the parliamentary panel on cryptocurrencies was conducted, where a consensus was reached that cryptocurrencies cannot be stopped in India, but must be regulated.
The financial standing meeting was chaired by BJP’s Jayant Sinha, who met with representatives of crypto exchanges, the Blockchain and Cryptocurrency Asset Council (BACC), industry bodies, and other stakeholders. other stakeholders on November 16.
Prime Minister Narendra Modi also chaired a high-level meeting with officials from various ministries and the Reserve Bank of India (RBI) on the matter. Prime Minister Modi called on democratic countries to cooperate in regulating unsuccessful private virtual currencies that they could fall into the wrong hands.
In his speech at the Sydney Dialogue last Thursday, Prime Minister Modi said it is important to ensure digital currencies are not used illegally as it can corrupt the world. young.
The RBI has been very reluctant to accept cryptocurrencies, expressing concern about potential risks to macroeconomic and financial stability and capital controls. The Securities and Exchange Board of India (SEBI) has also voiced concerns about the unregulated growth of cryptocurrencies in India, noting retail investors are vulnerable.
Last week, RBI Governor Shaktikanta Das said that India needs further discussions on the issue of cryptocurrencies. “When the central bank says we have serious concerns from a macroeconomic and financial stability standpoint, there are deeper issues involved. I haven’t seen serious discussions yet. complete, well-informed public space on these issues”. Mr. Das said.
Last traded Bitcoin was 16.91% lower at Rs 38,76,950 against the rupee, while Ether was down 14.58% at Rs 2,92,897.
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