Crypto prices fall as India announces bill banning private cryptocurrencies
(MENAFN- NewsBytes) Prices of nearly all cryptocurrencies plummeted by 15% or more just hours after the Indian government announced that it will introduce a cryptocurrency bill in the Parliament's winter session. Once passed, the bill will ban all private cryptocurrencies with 'certain exceptions' and facilitate the creation of an official digital currency issued by the Reserve Bank of India. Here are more details.
Context Why does this story matter?
If the new cryptocurrency bill gets passed, India may not lift the ban as it had done earlier. The country had long been mulling a ban on the unregulated cryptocurrency market. It also debated the digitization of the Rupee . In his first public remarks on crypto last week, Prime Minister Narendra Modi asked democratic nations to ensure cryptocurrencies do not 'spoil our youth.'
Market Bitcoin value dropped by nearly 17%
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.