Cryptocurrencies prices crashed. This comes after the Indian Government proposed to introduce and pass a bill to prohibit all the private cryptocurrency players.
Today morning, 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.
The central government has proposed to present a Bill on cryptocurrency. This Bill is to be presented in the upcoming Winter Session of Parliament to facilitate creation of the official digital currency to be issued by the Reserve Bank of India (RBI).
The Bill named as “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”, will be up for introduction and passing in Parliament.
However, According to a Parliament bulletin, “The stated intent of the Bill is to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”
In addition, the Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.