Sunday, November 28, 2021
Home India Crypto Prices Crash As Centre Plans Bill To Bar Private Cryptocurrencies:10 Points

Crypto Prices Crash As Centre Plans Bill To Bar Private Cryptocurrencies:10 Points


Crypto prices fell by 15 percent or more following news of Crypto Bill in India.

New Delhi:
Crypto markets crashed following news of the government introducing a Bill in the Parliament to prohibit all private cryptocurrencies in India, barring a few exceptions to “promote the underlying technology of cryptocurrency and its uses”.

Here’s your 10-point cheatsheet to this big story:

  1. As of 11:15 PM on November 23, all major cryptocurrencies saw a fall of around 15 per cent or more, with Bitcoin down over 17 percent, Ethereum falling by close to 15 per cent, and Tether down by almost 18 per cent. 

  2. The official document on scheduled house proceedings today showed that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is set to be introduced in the Parliament in the upcoming winter session that starts on November 29.

  3. The Bill will prohibit all private cryptocurrencies in India with certain exceptions and is expected to be taken up for final consideration and passing during the winter session.

  4. The government says that the Reserve Bank of India will issue its own digital currency. The objective is, “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”

  5. Security of investors’ money and misleading advertisements in the media regarding investment potential and risks have long been a cause of concern.

  6. The government has held several meetings with all stakeholders to discuss the regulation of digital currencies. Prime Minister Narendra Modi has also chaired a high-level meeting with officials from various ministries and RBI on the issue.

  7. The first-ever Standing Committee on Finance on digital currencies, chaired by BJP’s Jayant Sinha, to discuss “opportunities and challenges” of crypto finance on November 16 had reached a consensus that cryptocurrency can’t be stopped but must be regulated.

  8. While delivering a keynote address at the Sydney Dialogue on November 18, Prime Minister Narendra Modi had urged all countries to ensure that cryptocurrency does not “end up in the wrong hands”.

  9. The Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) have also voiced concerns about the unregulated growth of cryptocurrencies in India, keeping vulnerable retail investors in mind. 

  10. El Salvador is the only country to recognise Cryptocurrency as a legal tender.



Source link

RELATED ARTICLES

Late Left Leader’s Daughter A Trinamool Candidate In Kolkata Civic Poll

<!-- -->Basundhara Goswami has been a left student activist since her college days. (Representational)Kolkata: Basundhara Goswami, the daughter of late RSP heavyweight and...

Being ‘Punished’ For Early Detecting New COVID-19 Variant Omicron: South Africa

Johannesburg, Nov 27: South Africa on Saturday said it was being “punished" for its advanced ability to detect new...

No need to panic over new Covid-19 variant: ICMR | India News – Times of India

NEW DELHI: Amid mounting concern over cases of the new variant of concern Omicron detected in some countries, the Indian Council of Medical...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -stock market course

Most Popular

North Carolina’s Furniture Hub Is Booming. What Comes Next?

HICKORY, N.C. — Six months into the coronavirus pandemic, as millions of workers lost their jobs and companies fretted about their economic future,...

U.K. confirms two cases of the Omicron coronavirus variant.

As the world scrambled to prevent the spread of the new Omicron coronavirus variant that was first detected in southern Africa, Britain’s Health...

wto: WTO puts off key Geneva meet over variant concerns – Times of India

NEW DELHI: Four days before kick-off, the World Trade Organisation (WTO) put off a ministerial meeting that was to decide on crucial global...

Late Left Leader’s Daughter A Trinamool Candidate In Kolkata Civic Poll

<!-- -->Basundhara Goswami has been a left student activist since her college days. (Representational)Kolkata: Basundhara Goswami, the daughter of late RSP heavyweight and...

Recent Comments

%d bloggers like this: