Bitcoin Down in India
Cryptocurrency, which is being called the currency of the future, has suffered a major setback after the Modi government’s big announcement. In fact, on Tuesday (23 November 2021) night came the news of introducing a bill in Parliament to ban all private cryptocurrencies in India. Shortly after this, the crypto market exploded. Even the number one bitcoin in the crypto market saw a fall in prices of up to 26%. With this, the rest of the coins also collapsed badly. The prices of all these have come down by 25 to 30%. All the digital platforms that facilitate the transaction of cryptocurrencies are currently trading on the red mark.
If we look at the crypto market, as of Wednesday (November 24, 2021) at 9 am, about 25% in Bitcoin, 23% in Ethereum, about 23% in Tether, and about 23% in USD Coin have fallen. Bitcoin price in India fell by more than 25% to Rs 34,99,468, Ethereum to Rs 2,64,140, Tether price to around Rs 63, Cardano to around Rs 107.
Government Ban on Cryptocurrency
According to the information, keeping in view the future of cryptocurrencies, the central government is preparing to bring the country’s own cryptocurrency, but there are also plans to ban the transaction and trading of all private cryptocurrencies in India. To ban all cryptocurrencies, the government will introduce The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the winter session of Parliament. In this bill, the government will also make a provision for a framework for running government digital currency on behalf of the Reserve Bank of India. Significantly, there has been a discussion about cryptocurrencies in the Parliamentary Committee on Finance, in which instead of banning them, regulation was suggested.
For what reason is the government taking a big decision?
Please note that there is a lot of risk in the cryptocurrency market. Despite this, people are investing in it in a big way. Actually, it is not known about cryptocurrencies, from where they were started and from where they are being operated. In such a situation, the government decided to ban them, which is considered a good step.