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Crypto prices in India tumble after crypto bill announced

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Crypto prices in India tumble after crypto bill announced​

The token prices on the Indian crypto exchange WazirX crashed following the announcement of a bill that would ban all private crypto.



Crypto prices in India tumble after crypto bill announced

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Regulatory discussions in India around a crypto ban caused panic selling on major crypto exchange WazirX, resulting in a massive price drop for leading cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).
Crypto prices in India crashed soon after parliament announced to introduce and list 26 new bills in the Winter Session, which included the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. As Cointelegraph reported, the bill seeks a legislative vote on creating an official digital currency while imposing a ban on “all private cryptocurrencies,” starting on Monday.
A mass sell-off on WazirX on Wednesday morning at 3:30 am UTC tanked the price of Bitcoin from nearly 4,600,000 Indian rupees ($61,820.73) to 3,917,659 rupees ($52,650.55), a drop of 14.8% within two hours. Similarly, other popular tokens, including Ether and Cardano (ADA), experienced double-digit price depreciation locally on the exchange.
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Bitcoin price crash on WazirX. Source: WazirX
Speaking to Cointelegraph, WazirX CEO Nischal Shetty highlighted that the Indian crypto market usually trades at a premium compared to the global market:
“This event of panic selling has led the Indian market to correct and the prices to reach the global level.”
Shetty also pointed out the various use cases of cryptocurrencies as an asset or utility and quoted former Finance Secretary of India Subhash Chandra Garg’s suggestion that “there should be a prohibition on the ‘currency’ use case of crypto,” if any.
Jay Hao, CEO of crypto exchange OKEx, told Cointelegraph about the need for a nuanced approach toward regulating crypto assets in India:
“India is home to the highest number of crypto owners in the world, and the onus lies on the government to protect the interest of a large number of crypto investors in the country.”
Commenting on India’s crypto ban, BTC Markets CEO Caroline Bowler said, “This ban won’t work in the long-term and would be a step backwards,” adding that “banning is not an option to protect investor interest.” Bowler stated:
“The thing with cryptocurrency is that while governments may try to ban it or try to contain it, the very decentralized nature of the technology somewhat prohibits that.”
As a final word of advice to Indian inventors, Shetty believes in the need to have faith in our lawmakers. “Let’s not panic,” he concluded.

This comes after a parliamentary panel discussion on cryptocurrency on Nov. 15 where a plurality of regulators concluded that, although crypto can’t be stopped, it should be regulated more heavily.
In August, a representative from the Reserve Bank of India said that it planned to commence preliminary trials for a central bank digital currency before the end of 2021. India is currently one of the largest markets in the world with over 20 million crypto investors.

 

nickndfl

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Probably won't pass, but if it does you can still hold it on a usb drive.
 

anywoundedduck

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Hold onto nothing.....lol

Holding onto Monopoly and board game money would be more substantial if crypto is outlawed.
Bitcoin, invented by the globalist to divert investment in real hard assets, as they accumulate hard assets on the cheap.
PT Barnum and Ponzi would have been proud.
 

solarion

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In August, a representative from the Reserve Bank of India said that it planned to commence preliminary trials for a central bank digital currency before the end of 2021. India is currently one of the largest markets in the world with over 20 million crypto investors.
So ban private ownership of bitcoin and then introduce your own non-free market crypto. Yeah, that sounds like a tyrannical goobermint stamping out economic freedom.
 

Buck

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So ban private ownership of bitcoin and then introduce your own non-free market crypto. Yeah, that sounds like a tyrannical goobermint stamping out economic freedom.
they once tried that with gold...Please oh Please Guru, deposit all of your golden relics with us...here's an IOU


THEY DIDN'T FALL FOR IT
 

Goldhedge

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Bitcoin, invented by the globalist to divert investment in real hard assets, as they accumulate hard assets on the cheap.
PT Barnum and Ponzi would have been proud.
same thing they're doing buying Objects d' Art.
 

solarion

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It's amusing that people still accept, without any evidence of course, that bitcoin was created by globalists. This even as governments attack it all over the world. What happened to the old arguments like "if bitcoin were truly a threat, TPTB would ban it!"? Now that they are banning it...the goalposts have moved.
 

Ebie

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"Crypto prices in India tumble"
??
In India?
Is Bitcoin cheaper in India than the world market?
 

solarion

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The fun of comparing the price of one continuously melting fiat currency to another...and then referencing that to a commodity outside the fiat scam, is that it makes it difficult for people to keep their eye on the ball.

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This is also how/why gold too sets all time highs in other government issued fiat crap around the world, while simultaneously failing to set a new high in US dollars.
 

Buck

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This even as governments attack it all over the world.
the governments attack their own people, then make them pay for it all

the fact .gov says this or says that only makes them liars

and they lie about everything, that's not really a good example to use imho
 

solarion

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Agreed, my comment once taken out of context, is a poor example.