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BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Cryptocurrency Prices Crash in India

  • By Al Mayadeen Net
  • Source: Agencies
  • 24 Nov 2021 13:16
2 Min Read

Cryptocurrency prices have fallen sharply in India’s domestic exchanges after reports on the government’s plan to introduce a bill that would ban most private cryptocurrencies.

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  • Cryptocurrency prices have crashed in India
    Cryptocurrency prices have crashed in India

India’s domestic exchanges have witnessed a crash in cryptocurrency prices after reports on the government’s plan to introduce a bill that would ban most private cryptocurrencies.

Leading cryptocurrencies, including bitcoin, ethereum, and dogecoin saw their prices dropping by about 15-20% in Indian rupee terms on Wednesday.

Under the expected Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, mining, holding, selling, issuing, transferring or use of cryptocurrency in India will be punishable by law with a fine or imprisonment of up to 10 years, or both.

The draft bill, introduced on Tuesday, allows using the processes or technology concerned with any cryptocurrency for the purposes of experiment, research, or teaching. India is also looking to develop a framework for the country’s official digital currency, which will be issued by its central bank through this bill.

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The draft bill acknowledges that virtual tokens have benefits such as better record-keeping and more efficient cross-border payments. However, it also raises concerns over the potential use of cryptocurrencies for money laundering, risks to consumers, and threats to the country’s financial stability.

Currently, there are no regulations in India that govern the use of cryptocurrencies. With the new bill, the government considers banning “all private cryptocurrencies”, albeit with some exceptions that have not been made clear.

WazirX chief Nischal Shetty requested investors to not panic and show faith in cryptocurrencies.

“This is not the end but the beginning of crypto regulations in India. The industry has had the opportunity to present. Lawmakers understand the growing market,” Mr. Shetty said.

“Over 15 million people own crypto in India. There are ways to curb the bad activities and promote innovation,” he added.

The domestic market crash has, however, not affected the global crypto market, with bitcoin continuing to trade close to the $57,000 mark.

  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • India

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