Last Updated on November 24, 2021 by TARUN CHAUHAN
The Cryptocurrency market is down after the news of the Indian Government introducing a bill against cryptocurrency in this winter session. The government has planned to ban all the private cryptocurrencies in India with few exceptions for promoting the underlying technology of cryptocurrencies and their uses.
Bill against Cryptocurrency in this winter session.
The Cryptocurrencies and Regulation of Official Digital Currency Bill, 2021 is among the 26 bills to be introduced by the government in this winter session, according to the official Lok Sabha websites.
Currently, there is no ban or regulation of cryptocurrencies in India. Earlier this month, Prime Minister Narendra Modi called a meeting on cryptocurrencies with senior officials. The indications are that strong regulatory steps will probably be taken to deal with the issue.
Last Monday, when the Standing Committee on Finance met cryptocurrency stakeholders, industry representatives agreed with the need for regulation of the crypto market but were unable to answer several questions raised by parliamentarians.
The cryptocurrency market is down all the major crypto are falling down after news of Bill against cryptocurrency. At the time of writing this article, Bitcoin is $56,568 which is about 0.5% low in the last 24 hours, Cardano ADA is $1.68 which is nearly 7% down in the last 24 hours, SHIB is trading around $0.00004040 nearly 8% down in last 24 hours. Avalance is priced at $121.86 about a 9% dip within 24 hours. As per data available on the Cryptopickup website.