Cryptocurrency: Indian government preparing for the ban, most cryptocurrencies crashed
Cryptocurrencies Ban: All private cryptocurrencies can be banned in India. The government is bringing a bill in this regard in the winter session of Parliament. As soon as such news came, all the major cryptocurrencies were in shambles on Tuesday.
Sunil Shukla 
The Indian government is preparing to tighten the noose on cryptocurrency. All private cryptocurrencies can be banned. The
government is bringing a bill in this regard in the winter session of Parliament. As soon as such news came, all the major cryptocurrencies were in shambles on Tuesday. Most saw a decline of more than 15 percent.
After this news, on Tuesday, about 15 percent in Bitcoin, 12 percent in Ethereum, about 6 percent in Tether, and about 8 percent in USD Coin were seen. In India, the price of Bitcoin fell by 15 percent to Rs 40,28,000, Ethereum to Rs 3,05,114, Tether to around Rs 76, Cardano to around Rs 137.
After this, today i.e. on Wednesday also there was a huge decline in cryptocurrencies on Indian exchanges. On Wednesday morning around 10.20 on wazirx.com, bitcoin (Bitcoin) fell by about 11 percent to Rs 40,40,402, Shiba Inu (SHIB) fell by about 17 percent to Rs 0.002900, Tether (USDT) was down about 12 percent. With a fall at Rs 70.50, ETH (Ethereum) was down about 9 percent at Rs 3,03,849 and Dogecoin was down about 11 percent at Rs 15.83.
the government will bring the bill
To ban all cryptocurrencies, the government will bring 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021'(The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021) in the winter session of Parliament.
In order to provide relief in the use of cryptocurrency technology, the government will make a provision for the framework for running government digital currency on behalf of the Reserve Bank of India (RBI) in this bill. Information about this bill has been given by the government in the Lok Sabha bulletin. It is worth noting that there was a discussion about cryptocurrency in the Parliamentary Committee on Finance, in which instead of banning, regulation was suggested.
Caution due to risk
Significantly, a large number of people in the country are investing in cryptocurrencies. These currencies fluctuate a lot. They have no idea where they are starting and from where they are operating. In such a situation, the government has thought of taking a decision about it, which is considered a good step.
