The cryptocurrency market in India took yet another hit on Tuesday after a government proposal came out for banning all the private cryptocurrencies in the nation.
The bill, termed as “ Cryptocurrency and Regulation of Official Digital Currency ” is set to unveil in India’s lower house of parliament next week, which if passed can bring a whole new CBDC backed by RBI, and ban all the private cryptocurrencies in India.
Cryptocurrency in India
On late Tuesday, partially negative news on cryptocurrency regulation in India spurred panic selling among the retail crypto investors. As the Indian government is preparing for Winter Session 2021 scheduled next week, an agenda depicting about 26 bills was released.
This included the long-awaited cryptocurrency regulation, titled “ Cryptocurrency and Regulation of Official Digital Currency Bill “, with the brief description saying banning all private cryptocurrencies in India. While this is just a proposal and is yet to be passed, it triggered panic among investors anyway.
BREAKING: Indian Government introduces ‘The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021’ in winter session of Parliament Bill seeks to create a facilitative framework for the creation of a CBDC & ban private cryptocurrencies. pic.twitter.com/juwXzvhlq0 — Mr. Whale (@CryptoWhale) November 23, 2021
