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Indian government preparing for ban of cryptocurrencies

Cryptocurrencies Ban:

The Indian government is preparing to tighten the noose on cryptocurrency. All private cryptocurrencies can be banned. 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. 

After this news, on Tuesday, about 15 percent in Bitcoin, 12 percent in Ethereum, about 6 percent in Tether and about 8 percent in USD Coin were seen. 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. 

There was also a huge decline in cryptocurrencies on Indian exchanges. On Wednesday morning around 10.20 on wazirx.com, bitcoin (Bitcoin) fell by about 11 per cent to Rs 40,40,402, Shiba Inu (SHIB) fell by about 17 per cent to Rs 0.002900, Tether was down about 12 per cent. With a fall at Rs 70.50, ETH (Ethereum) was down about 9 per cent at Rs 3,03,849 and Dodgecoin was down about 11 per cent at Rs 15.83.

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 provide 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 been 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.

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.

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