Announcement of cryptocurrency bill leads to crash in market. Read full details

  • One of the 26 bills listed for this year's winter session, which is to begin on November 29, is The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

  • It is being stated that the bill seeks to ban cryptocurrencies, barring a few and and create a framework to regulate digital currency issued by the Reserve Bank of India (RBI).

  • This speculation led to a major crash in the cryptocurrency market. All major digital currencies saw a fall of around 15 per cent and more, with Bitcoin down by around 18.53 per cent, Ethereum fell by 15.58 per cent, and Tether down by 18.29 per cent.

  • The RBI had previously voiced serious concerns regarding private cryptocurrencies, which operate without any regulations.

  • Last week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges, blockchain and Crypto Assets Council (BACC). They arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated.

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