Cryptocurrency prices in the Indian Rupee have recovered from a 15-20% drop after the government announced at an upcoming parliamentary winter session that it would introduce a cryptocurrency bill.
At the time of writing this report, Bitcoin, the world’s largest and most popular cryptocurrency, has skyrocketed by 9.3% in the last 24 hours, according to CoinSwitch data. Similarly, Ethereum-the world’s second largest cryptocurrency increased by 9.1%, tether increased by 4.9%, and Cardano increased by 9.30%.
At the time of writing the story, Bitcoin was last trading at Rs 45,51,390, which is 9.23% higher, and Ethereum was trading at Rs 3,46,266, which is 9.65% higher, according to CoinSwitch data. On Tuesday, November 23, the government listed the Cryptocurrency Bill-“Official Digital Currency Bill 2021 Cryptocurrency and Regulations”. This will be listed along with a total of 26 other bills in the winter session starting November 29th.
The crypto bill seeks to create a facilitating framework for the development of official digital currencies issued by the Reserve Bank of India (RBI). The bill also seeks to ban all private cryptocurrencies in the country, but allows certain exceptions to promote the underlying technology and its use. After the government’s announcement, the prices of all major cryptocurrencies have plummeted by more than 15%. The impact of the announcement on global crypto prices was negligible.
“Cryptocurrencies need to be flexible enough for young blockchain projects to thrive, and are very powerful in the standard process before new cryptocurrencies are traded on Indian exchanges. I strongly believe there are cases. I think Ethereum, a popular crypto asset like Bitcoin, will be pre-approved by regulators to be listed on the exchange, “BuyUcoin CEO Shivam Thakral said. Says.
In a recent note on cryptocurrencies, domestic brokerage firm Motilal Oswal emphasized that the total number of crypto owners in India is currently 10.07 chlores. According to the broker discovery and comparison platform Broker Chooser, the United States has 2.7 chlores of crypto owners, second only to Russia (1.7 chlores) and Nigeria (1.3 chlores).
Looking at the percentage of crypto investors in the population, India ranks fifth with 7.3% over Ukraine (12.7%), Russia (11.9%), Kenya (8.5%) and the United States (8.3%). increase. ..
“200 million rupees of Indians and $ 5 billion worth of money is what India is contributing to the world’s crypto economy. It not only creates a huge short-term financial market and tax path for the Indian government, but also We will add employment opportunities to more than 50,000 individuals. This is a growing industry and we need to find a way to co-exist with it, “said Vinshu Gupta, founder and director of Nonceblox Blockchain. increase.