Cryptocurrency Prices Crash As India Plans To Bring Bill To Ban Private Digital Currencies in Winter Session

The Indian government has planned to move a bill in the Winter Session of Parliament, which seeks to ban all private cryptocurrencies. This bill will be reportedly called 'The Cryptocurrency and Regulation of Official Digital Currency Bill 2021'. Following the government's proposal, cryptocurrency prices fell remarkably. All major digital currencies saw a drop of more than 15 percent. Bitcoin went down by around 18.53 percent, Tether down by 18.29 percent and Ethereum by 15.58 percent. At the time of writing this article, Bitcoin is trading at $56,543 and Ethereum at $4,270. Cryptocurrency Prices in India.

The government aims to introduce an official form of cryptocurrency. All private cryptocurrencies except a few ones will be banned in India if the bill is passed. The decision to introduce the crypto bill came after Members of Parliament concluded that cryptocurrencies cannot be stopped and should be regulated, in a panel discussion on November 15, 2021.

A couple of weeks ago, crypto exchanges had published an advertisement, revealing that crypto investments in India have crossed Rs 6 lakh crore, and the number of investors had grown to 10 crores. RBI Governor Shaktikanta Das had announced that there was a lack of serious discussions about digital currencies publicly. Shiba Inu Team Warns Investors of Ongoing Telegram Scam, Check Video Here.

Nowadays, there are a lot of crypto ads on the internet that entice people to click on them and invest in digital currencies. As such, PM Narendra Modi recently said that cryptocurrencies must not fall into the wrong hands and spoil the youth. Currently, El Salvador is the only country to adopt Bitcoin as an official currency.

(The above story first appeared on LatestLY on Nov 24, 2021 10:49 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).