Cryptocurrency prices today have recovered from some lows after the Indian government listed a bill. It seeks to prohibit all private cryptocurrencies, with a few exceptions.
Crypto Values
The world’s largest cryptocurrency, Bitcoin, is up by 4.59% at ₹45,60,417 (in INR terms). On the other hand, Ethereum is trading 6% higher at ₹3,47,661. This is according to the data from Coin Switch.
In dollar terms, Bitcoin was trading at $58,560.80 with a market capitalization of over $1.1 trillion. In addition to that, as per CoinDesk, Dogecoin price is up over 4% to $0.22. Whereas Shiba Inu surged nearly 6% to $0.000040, as per CoinDesk.
The Bills
The government has recently confirmed that it will introduce “The Cryptocurrency and Regulation of an Official Digital Currency Bill, 202.” At nay rate, this will be during the winter session of Parliament starting from November the 29th.
The Indian government said in a notification on a Lok Sabha website that “this bill seeks to prohibit all private cryptocurrencies in India.” Moreover, this will allow certain exemptions to promote the underlying technology of cryptocurrency and its uses. The bill also aims the government. It is also stated there will b a creation of a facilitative framework for the creation of the official digital currency. The Reserve Bank of India issues this.
Amidst quick-paced developments in the cryptocurrency space in the country, the industry has urged investors to remain calm. They also advised not arrive at a rushed conclusion.
“It is hard to comprehend what the government means by private cryptocurrencies. Bitcoin, Ether, etc. are all public crypto built on public blockchains and have their own specific use cases,” said Nischal Shetty. He is the founder of WazirX.
“They are needed to run a smart contract and write to the distributed ledger that they are built on top of.” People cannot use INR or USDT to pay for fees on the Bitcoin or Ethereum Blockchain, “Nischal Shetty added further.
BuyUcoin CEO Shivam Thakral said he expects the bill to accommodate the objectives. Objective of mainly Indian crypto owners, Indian crypto entrepreneurs, and investors. These people who have put their faith in India’s crypto growth story.
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