Crypto ban in India: Minutes after the Indian government proposed to ban all private cryptocurrencies on Tuesday, prices of all popular cryptos tumbled. The prices of Bitcoin, Ethereum, and all other private crypto are on a drop since the announcement of the ban.
The government of India announced the introduction of a Bill in the parliament to prohibit all private cryptocurrencies in India, barring some exceptions to “promote the underlying technology of cryptocurrency and its uses”.
As per an NDTV report, till Wednesday morning, all major cryptocurrencies saw a drastic fall of around 15 percent or more. As of morning, Bitcoin was down by over 17 percent, Ethereum by around 15 percent, and Tether down by almost 18 percent. The graph is still on the downfall.
Is crypto getting banned in India?
According to the announcement, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will be introduced in Parliament in the upcoming winter session beginning November 29. It is said that the Bill will prohibit all private cryptocurrencies in India. However, there will be a few exceptions. Complete details will be provided during the winter session.
The Indian government also said that the Reserve Bank of India will issue its own digital currency. The idea behind this initiative is “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”
Cryptocurrency regulation latest update
In the last few weeks, the government authority has hosted several meetings with all stakeholders to discuss the regulation of digital currencies.
Prime Minister Narendra Modi is also closely monitoring the matter and has chaired a high-level meeting with officials from various ministries and RBI.
To recall, delivering a keynote address at the Sydney Dialogue earlier this year, PM Modi requested all countries to ensure that cryptocurrency does not “end up in the wrong hands”.
In addition, RBI and the Securities and Exchange Board of India (SEBI) have also shown concerns over the unregulated growth of cryptocurrencies in India.
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