Since this morning, the crypto market has seen a downtrend after the government announced on Wednesday that it would ban almost all private cryptocurrencies in India through a new economic bill.
After trading at sky-high record highs last week, Bitcoin and other popular currencies fell slightly. However, after the related announcement by the center on Wednesday, the trade value of Bitcoin, Ether (Ether) fell a little more in one push.
As of today, the market price of most popular coins is down more than 15 percent. The world’s most valuable crypto coin, Bitcoin, has seen a 17% drop in its market value. Ether and Tether have seen a 15% and 18% price drop, respectively.
Currently, according to Indian exchange calculations, Bitcoin is trading at $56,543 in the domestic market and Ether, the world’s second most valuable currency, is trading at $4,273.
According to official information released on Wednesday, on November 29, in the upcoming winter session of Parliament, a new economy-related bill titled ‘Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ will be introduced.
The bill would likely ban the use of most private cryptocurrencies across the country. However, to showcase cryptocurrency technology and its use, a handful of private crypto currencies in the country may get clearance, sources said.
According to the government, very soon the central bank of the country is going to launch a single official digital currency across the country. The purpose of the new economic bill is to provide a proper infrastructure for this upcoming official currency.
Incidentally, for quite some time now, the Center has been keeping a watchful eye on the security of investors’ invested money and the tendency of various crypto exchange mediums that sprung up overnight, luring the youth with misleading advertisements. Prominent circles believe that the upcoming law will curb these unwanted campaigns.
Recently, the Prime Minister, Narendra Modi, issued a stern warning to the whole world about crypto from the virtual stage of the Sydney Dialogue. He also urged the world’s major democracies to unite on crypto regulation.
Also, not long ago, the Reserve Bank of India and SEBI also expressed concern about the unregulated, reckless crypto market, keeping in mind the interests of the country’s retail investors.