Today, cryptocurrency prices have recovered after the government released a bill to ban all private cryptocurrencies, with a few exceptions.
World’s Largest Cryptocurrency Bitcoin Up 4.59% at ??45 60 417 (in terms of INR), while Ethereum is trading 6% higher at ??3,47,661, according to data from CoinSwitch.
In dollar terms, Bitcoin was trading at $ 58,560.80 with a market cap of over $ 1.1 trillion. The price of Dogecoin rose more than 4% to $ 0.22, while Shiba Inu jumped nearly 6% to $ 0.000040, according to CoinDesk.
The government recently confirmed that it will introduce the “Cryptocurrency and Official Digital Currency Regulation Bill, 2021” during the winter session of Parliament which begins on November 29.
The bill seeks to ban all private cryptocurrencies in India, but will allow certain exceptions to promote the cryptocurrency’s underlying technology and its uses, the government said in a notification on Lok Sabha’s website. . The bill also aims “to create a framework facilitating the creation of the official digital currency to be issued by the Reserve Bank of India.”
Amid the meteoric developments in the country’s cryptocurrency space, the industry urged investors to stay calm and not come to a hasty conclusion.
“It’s hard to understand what the government means by private cryptocurrencies. Bitcoin, Ether, etc. are public cryptos built on public blockchains and have their own specific use cases,” said Nischal Shetty, founder of WazirX.
“They are needed to execute a smart contract and write to the distributed ledger they are built on. People cannot use INR or USDT to pay fees on the Bitcoin or Ethereum blockchain,” Nischal added. Shetty.
BuyUcoin CEO Shivam Thakral said he expects the bill to reflect the aspirations of Indian crypto owners, Indian crypto entrepreneurs and investors who have trusted the history of the growth of crypto in India.
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