Crypto Prices Recover Today: Major cryptocurrencies ranging from Bitcoin to Etherium and Dogecoin to Shiba Inu have recovered from yesterday’s 15% drop thanks to the government’s bill to ban private cryptocurrencies in India.
Bitcoin, Etherium, Dogecoin and Shiba Inu were all trading up 10% on Thursday.
Bitcoin, the world’s largest and most popular cryptocurrency, was last traded up 9% to Rs 45,44,500, on WazirX, India’s leading crypto exchange. Likewise, Ethereum, the second largest cryptocurrency in the world, rose 9.91% to Rs 3.46,350.
The government will introduce the Cryptocurrency and Official Digital Currency Regulation Bill, 2021, during the winter session of Parliament on November 29.
The bill seeks to ban all “private cryptocurrencies” except a few while allowing official digital currency through the RBI.
According to Zebpay, Bitcoin, Ethereum and other such token holders are breathing a sigh of relief. You are safe. They are fully public cryptocurrencies because they are built on public blockchain networks. Transactions are traceable, however, they are completely anonymous.
Private cryptos, on the other hand, can refer to coins like Monero and Dash which are private tokens. Although these are built on public blockchain networks, they conceal transaction information to ensure user privacy.
Last week, major crypto companies and players had an expert meeting with Members of Parliament. The meeting ended with the conclusion that cryptocurrencies “cannot be stopped and therefore must be regulated”. A general ban would not be an option given that there is over 10 crore of Indian investors, with total investments exceeding Rs 6 lakh crore.
From a technological point of view, a regulatory ban would not even be feasible. Transferring crypto from one wallet to another is in essence no different from sharing files from one network to another. Given these factors, the government will not proceed with a blanket ban.