Cryptocurrency : Indian government’s preparation for ban, most cryptocurrencies crashed. The government is bringing a bill in this regard in the winter session of Parliament. As soon as such news came, all the major cryptocurrencies were in shambles on Tuesday. Most cryptocurrencies fall. Cryptocurrencies started falling as the news arrived.
Cryptocurrency : Preparing for the Screws on Cryptocurrencies
The Indian government is preparing to tighten the noose on cryptocurrency. All private cryptocurrencies can be ban. The government is bringing a bill in this regard in the winter session of Parliament. As soon as such news came, all the major cryptocurrencies were in shambles on Tuesday. Most saw a decline of more than 15 percent.
Cryptocurrencies started falling as soon as the news came.
Bitcoin saw a decline of about 15 percent, Ethereum 12 percent, Tether about 6 percent and USD coin about 8 percent. In India, the price of Bitcoin fell by 15 percent to Rs 40,28,000, Ethereum to Rs 3,05,114, Tether to around Rs 76, Cardano to around Rs 137.
government will bring bill
To ban all cryptocurrencies, the government will bring ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ (The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021) in the winter session of Parliament.
In order to give relief in the use of cryptocurrency technology, the government will make a provision for the framework for running government digital currency on behalf of the Reserve Bank of India (RBI) in this bill. Information about this bill has given by the government in the Lok Sabha bulletin. It is worth noting that there was a discussion about cryptocurrency in the Parliamentary Committee on Finance, in which instead of banning, regulation was suggested.
Cryptocurrency : Caution due to risk
Significantly, a large number of people in the country are investing in cryptocurrencies. These currencies fluctuate a lot. They have no idea where they are starting and from where they are operating. In such a situation, the government has thought of taking a decision about it, which is considered a good step.