Crypto coins Trade: The Government Plans Bill to Ban Digital Currencies
New Delhi: The price of all crypto coins prices has plummeted as the news arrived in the market that government plans to ban several digital currencies in India. The fall in prices of cryptocurrencies was between 10-20 percent.
Bitcoin was down by around 17 percent, Ethereum fell by 15 percent, and Tether down by almost 18 percent, according to CoinDesk.
The government has listed the Cryptocurrency and Regulation of Official Digital
Currency Bill – 2021, for introduction in the Lok Sabha. The winter session of Parliament is scheduled to begin on November 29.
“It 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,” says the description of the bill on the Lok Sabha website.
On the other side, regulators have expressed apprehensions about these digital currencies for a long, there is no regulation or any ban on the use of cryptocurrencies in the country presently.
Last week, in a meeting with all stakeholders, the Standing Committee on Finance said that “cryptocurrencies should not be banned, but it should be regulated.
Prime Minister Narendra Modi, earlier this month, held a meeting on cryptocurrencies with senior officials. Addressing the Sydney dialogue on November 18, PM Modi said all countries must ensure that cryptocurrencies do not “end up in the wrong hands”.
(_Vinayak)
