Regulation

Crypto Prices In India Plummeted By Over 10% From The Global Market Rates.

Following the unveiling of a bill that would prohibit all private crypto, the token values on the Indian crypto exchange WazirX collapsed.

Panic selling on WazirX, a prominent cryptocurrency exchange, was triggered by regulatory discussions in India over a crypto ban, resulting in a huge price drop for key cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).

Soon after parliament announced that it will present and list 26 new legislation in the Winter Session, including the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, crypto values in India plummeted.

btc

BTC/USD 7 DAYS CHART – SOURCE: COINMARKETCAP.COM

Earlier on Wednesday morning at 3:30 a.m. UTC, a massive sell-off on WazirX slashed the price of Bitcoin from around 4,600,000 Indian rupees ($61,820.73 USD) to 3,917,659 rupees ($52,650.55 USD), a decline of 14.8% in solely two hours. Other prominent coins, including Ethereum and Cardano (ADA), have also witnessed double-digit price drops on the market.

Shetty additionally spoke on the multiple applications of cryptocurrencies as an asset or service, quoting former Indian Finance Secretary Subhash Chandra Garg’s statement that “there should be a cap on the ‘currency’ use case of crypto,” if one exists.

“This limitation would not work in the long term and would be a step backward,” said Caroline Bowler, CEO of BTC Markets, adding that “banning is not an option to defend investor interest.” Bowler claims that

This follows a legislative panel meeting on Bitcoin earlier on 15th November, in which a majority of regulators agreed that, while cryptocurrency cannot be banned, it should be controlled more strictly.

The Reserve Bank of India said in August that it planned to begin exploratory testing for a central bank digital currency by the end of 2021. With over 20 million crypto investors, India is now one of the world’s largest marketplaces.

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