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Cryptocurrencies Price Crash After Central Government Says Will Bring Bill To Ban Private Cryptocurrency – Cryptocurrency Prices Crash

News Desk, Amar Ujala, New Delhi

Published by: Jeet Kumar
Updated Tue, 23 Nov 2021 11:59 PM IST

Summary

The value of cryptocurrencies in the market fell after news of the listing of a bill regarding digital currency ‘cryptocurrency’ in its legislative action plan prepared for the upcoming winter session of Parliament.

The crypto market has seen a huge drop after the news of the government introducing a bill in the winter session of Parliament to ban all types of cryptocurrencies in India. The winter session of Parliament will begin from November 29.

At 11 pm on November 23, all major cryptocurrencies saw a decline of about 15 percent or more. On the other hand, bitcoin fell more than 17 percent, Ethereum about 15 percent and Tether fell about 18 percent.

The central government on Tuesday listed a bill on digital currency ‘cryptocurrency’ in its legislative action plan prepared for the upcoming winter session of Parliament. The bill has been named the Cryptocurrencies and Official Digital Currency Regulation Bill, 2021.

This bill was also introduced during the budget session.
The objective of the bill is to create a facilitating mechanism for the creation of an official digital currency issued by the Reserve Bank of India (RBI) and to ban all digital cryptocurrencies in the country. The central government had also introduced this bill for discussion during the budget session in Parliament this year.

Before taking the decision to introduce the bill in Parliament regarding cryptocurrency, the central government had held several meetings regarding it. These meetings were organized to prepare the necessary framework for the use of cryptocurrencies in the country and to find solutions to the challenges related to it. The Centre’s stance on cryptocurrencies has not shown much positive.

PM has told Cryptocurrencies are a threat to the younger generation
According to an estimate, there are about 15 million users of cryptocurrencies in India and their total value is more than six billion dollars. In the past, Prime Minister Narendra Modi had termed bitcoin as a threat to the younger generation and said that global participation is needed to ensure that the cryptocurrency is not misused.

Expansion

The crypto market has seen a huge drop after the news of the government introducing a bill in the winter session of Parliament to ban all types of cryptocurrencies in India. The winter session of Parliament will begin from November 29.

At 11 pm on November 23, all major cryptocurrencies saw a decline of about 15 percent or more. On the other hand, bitcoin fell more than 17 percent, Ethereum about 15 percent and Tether fell about 18 percent.

The central government on Tuesday listed a bill on digital currency ‘cryptocurrency’ in its legislative action plan prepared for the upcoming winter session of Parliament. The bill has been named the Cryptocurrencies and Official Digital Currency Regulation Bill, 2021.

This bill was also introduced during the budget session.

The objective of the bill is to create a facilitating mechanism for the creation of an official digital currency issued by the Reserve Bank of India (RBI) and to ban all digital cryptocurrencies in the country. The central government had also introduced this bill for discussion during the budget session in Parliament this year.

Before taking the decision to introduce the bill in Parliament regarding cryptocurrency, the central government had held several meetings regarding it. These meetings were organized to prepare the necessary framework for the use of cryptocurrencies in the country and to find solutions to the challenges related to it. The Centre’s stance on cryptocurrencies has not shown much positive.

PM has told Cryptocurrencies are a threat to the younger generation

According to an estimate, there are about 15 million users of cryptocurrencies in India and their total value is more than six billion dollars. In the past, Prime Minister Narendra Modi had termed bitcoin as a threat to the younger generation and said that global participation is needed to ensure that the cryptocurrency is not misused.

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