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Crypto Markets Dip Over Fear of India's Plan To Ban Private Digital Coins

Commenting on the same, the WazirX CEO Nischal Shetty asserted that on Tuesday night crypto market saw nearly 15-20 percent crash in prices as the investors engaged in panic selling.

Crypto Markets Dip Over Fear of Indias Plan To Ban Private Digital Coins

Sentinel Digital Desk

New Delhi: As soon as the Union Government announced to introduce a bill on cryptocurrency in parliament in the upcoming winter session, which seeks to ban private players in the country, the prices of all cryptocurrencies crashed by 15 percent.

Reportedly, all major cryptocurrencies such as Bitcoin, Ethereum etc saw buying dip in India as it witnessed a fall of around 15 per cent and more on November 23.

Commenting on the same, the WazirX CEO Nischal Shetty asserted that on Tuesday night crypto market saw nearly 15-20 percent crash in prices as the investors engaged in crypto panic selling.

However, he also admitted that presently, the market is recovering and is at 3-4 percent discount currently.

''People in India who have entered the market for the first time are scared now. However, we have suggested people to wait for the parliament's winter session and derive conclusion based on it,'' he added.

The crypto dip on Wednesday after the Union government decided to introduce a bill in the winter session of the parliament.

According to Lok Sabha bulletin issued on Tuesday, the said bill is listed among 26 items of legislation for consideration.

''To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,'' the bulletin said with regard to the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Notably, a week ago, the Prime Minister Narendra Modi had that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands.

Giving an example of the virtual currency, he said, "Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.

Recently, the Parliamentary Standing Committee on Finance on Monday called top stakeholders of the crypto industry for a meeting.

According to a report by BrokerChooser, in our country more than 10 crore people have cryptocurrency which is the highest in the world. With this figure, India has left America, China, England and other countries of Europe far behind. 7.3 percent of India's population has crypto holdings.

Notably, all the money-related i.e. currency and banking products in India are regulated by Reserve Bank of India (RBI), while investment assets such as equity and commodities are looked after by Security Exchange of India (SEBI).

The banker's bank, RBI too has been speaking about cryptocurrencies for a long time and its Governor Shaktikanta Das earlier, had said that there are some legitimate concerns regarding cryptocurrencies which have been placed before the government.

Cryptocurrency price in India:

On Thursday morning, the price of Bitcoin on cryptocurrency exchange WazirX fell to a low of Rs 33.5 lakh (or about $45,000). It was down over 25 percent from the previous day's close of nearly Rs 46 lakh. In comparison, the price of bitcoin fell about 2.6 percent to $56,000 on Binance, the world's largest exchange by volume.

Also read:Be careful with banning all cryptocurrencies in India: Experts

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