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Crypto prices collapse as Modi’s government plans to ban digital currencies. Bitcoin, Ethereum, Tether – All at the bottom

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Shivang Singh
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New Delhi: A day after it emerged that the government could introduce a bill in the winter session of Parliament to ban all private cryptocurrencies in India, the values ​​of all major digital currencies have seen a drop on Wednesday.

The fall in cryptocurrency prices was between 10% and 20%. Bitcoin fell by around 17%, Ethereum by 15%, and Tether by nearly 18%, according to CoinDesk.

The price of Bitcoin, the largest cryptocurrency in the world, was Rs 41,28,700 and Ether’s was Rs 3,12,410 on Wednesday morning.

The government has listed the Cryptocurrency and Official Digital Currency Regulation Bill 2021 for introduction in the Lok Sabha. The winter session of Parliament is scheduled to start on November 29.

The bill seeks to “create a framework facilitating the creation of the official digital currency to be issued by the Reserve Bank of India.”

“It also seeks to ban all private cryptocurrencies in India. However, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses,” the bill’s description on the website says. Lok Sabha.

Although regulators have long expressed concerns about these digital currencies, there are currently no regulations or prohibitions on the use of cryptocurrencies in the country.

Last week, in a meeting with all stakeholders, the Standing Committee on Finance said cryptocurrencies should not be banned but should be regulated.

Prime Minister Narendra Modi earlier this month held a cryptocurrency meeting with senior officials. Addressing the Sydney dialogue on November 18, Prime Minister Modi said all countries need to make sure cryptocurrencies don’t “end up in the wrong hands.”

The Reserve Bank of India (RBI) has said cryptocurrencies pose serious threats to the country’s macroeconomic and financial stability.

El Salvador is the only country to give cryptocurrency the status of legal tender.

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