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Monday, December 6, 2021

Cryptocurrency Regulation: Recovery begins in cryptocurrencies, increase in the price of many currencies including Bitcoin, Ethereum

It saw a huge decline after the government’s preparations to bring a bill to ban private cryptocurrencies. But now it is recovering. In terms of rupee, in the last 24 hours, recovery has started showing in cryptocurrencies like bitcoin, ethereum, balance coin. According to data from Wazirx, the price of bitcoin has increased by 6.34 percent. At the same time, Ethereum 5.55, Binance Coin 11.7, Tether 8, Solana 5.22 and Dogecoin have increased by 10.45 percent.

Bitcoin crosses Rs 44.79 lakh

According to the exchange, bitcoin is trading at Rs 44.79 lakh, while Ethereum, Dogecoin and Shiba Inu are priced at Rs 3.36 lakh and Rs 16.7 lakh. The government’s preparations to introduce a bill to ban private cryptocurrencies have had no effect on prices abroad. Mikil Morch, executive director of crypto/digital assets at asset hedge fund ARK36, says that at the moment it is not clear whether the government What will be the scope of the proposed ban. Some exceptions have also been talked about in this. However, if the purpose of the bill will be for the protection of investors, then strict rules of regulation will be made under it so that only these professional investors come in it. Ordinary investors should not suffer.

Crypto Ban: Complete ban on cryptocurrencies like BitCoin is not appropriate, there is a possibility of increase in illegal business, important suggestions given by the Crypto Council

There is no clarity in the statement of the government

With this, it is not yet decided which cryptocurrencies will come under the realm of private cryptocurrencies. Private cryptocurrencies can be those currencies that can come under a central regulator like RBI. Major cryptocurrency exchanges were stirred after the news 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.

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