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Monday, December 6, 2021

Prices of all digital currencies including BitCoin fell by 11%, investors scared of fear of Crypto Currency ban

There is selling pressure on other cryptocurrencies including bitcoin today in view of fears that private cryptocurrencies will be banned. (Image- Reuters)

Crypto Bill: A bill to regulate cryptocurrencies is set to be introduced in the upcoming winter session of Parliament. Due to this, today there is a huge drop in the price of other cryptocurrencies, including Bitcoin, due to the sell-off. The price of bitcoin has fallen about 11 percent. On the other hand, the health of other cryptocurrencies is also not good. There is a decline of about 9 percent in the price of Ethereum.

25 new bills will be introduced in the winter session of Parliament, which begins in the next few days. This also includes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 (Cryptocurrency and Regulation of Official Digital Currency Bill 2021). In this bill there is a provision to ban private cryptocurrencies and to bring digital currency of RBI.

Cryptocurrency Regulation: Preparation for ban on private cryptocurrencies in the country, the government will bring a bill in the winter session

Selling pressure in all cryptocurrencies including BitCoin

There is selling pressure on other cryptocurrencies including bitcoin today in view of fears that private cryptocurrencies will be banned. The price of bitcoin has slipped below Rs 40.5 lakh, down about 11 percent. On the other hand, talk about Ethereum, it has also fallen by 9 percent to a price of about Rs 3 lakh. Doge has also broken 11 percent and is getting around 16 rupees.

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PM Modi and RBI Governor have told the danger

In the Sydney Dialogue last week, PM Narendra Modi had said that all democratic countries together should ensure that it does not fall into the wrong hands. If this happens, it can ruin the youth. Modi had issued this statement just days after a meeting between all the stakeholders of the crypto ecosystem and the Parliamentary Committee on Finance. The meeting concluded that the cryptocurrency market needs regulation. There was agreement among lawmakers that instead of banning cryptocurrency, it needed to be regulated. At the same time, RBI Governor Shaktikanta Das has said many times that cryptocurrencies are a serious threat to the financial system of the country.

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