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Wednesday, December 1, 2021

Cryptocurrency Regulation: News of ban on private cryptocurrencies stirred up the exchanges, investors in a rush to sell

Selling intensified on exchanges after reports of ban on local cryptocurrencies

Major cryptocurrency exchanges were stunned after the news of the introduction of a bill in Parliament to ban private cryptocurrencies in the country. Panic selling intensified on the exchanges and tripled their volumes. This led to a significant decline in local cryptocurrencies along with bitcoin, ethereum and other major cryptocurrencies.

Selling increased on exchanges during 24 hours

Usually, an increase of 15 to 20 percent is seen in the volume of the exchange in 24 hours. But according to data from CoinMarketCap, the exchanges saw a huge increase in volume in the last 24 hours. Unocoin recorded a 318 percent increase in volume and traded crypto worth $2,155,656 here. Similarly, Zebpay’s volume increased by 145 percent ($ 239,243), CoinDCX’s volume increased by 106 percent ($ 205,259,463). Volume at WazirX grew 178 percent ($364,587,465). Bitbns’s volume grew 72 percent (58,127,681) percent.

In fact, this round of selling was visible in the exchanges after the news of the government bringing a bill to ban private cryptocurrencies in the winter session of Parliament on Wednesday. Was. This bill had a provision to ban all private cryptocurrencies. In August this year, Finance Minister Nirmala Sitharaman had said that the bill is awaiting cabinet approval. However, RBI Governor Shaktikanta Das has said many times that cryptocurrencies pose a serious threat to the country’s financial system.

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PM Modi has also warned about the ‘dangers’ of cryptocurrencies

In the Sydney Dialogue last week, PM Narendra Modi also warned that the sector will have to ensure that crypto does not fall into the wrong hands. The PM had said that all democratic countries should together ensure that it does not fall into the wrong hands. If this happens, then it can ruin our youth.

(Report: Sandeep Soni)

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