Cryptocurrencies price plummets in India following the announcement of a bill that aims to ban all private crypto.
The greatest impact was received by the WazirX exchange, which channeled panic sales as a consequence of the debates about the regulation that is being generated in that country and that is causing the price drop in the main tokens.
The exchange house sale drove “Bitcoin’s fall from nearly 4,600,000 Indian rupees ($ 61,820.73) to 3,917,659 rupees ($ 52,650.55), a 14.8 % drop in two hours.” Other cryptos, such as Ether and ADA, saw double-digit depreciation locally on the exchange.
This fact occurred after the parliament “announced the introduction and list of 26 new bills in the inventory session that included the bill of cryptocurrencies and regulation of official digital currency 2021″.
Cryptocurrencies regulation in India
Caroline Bowler, CEO of BTC Markets, referenced the cryptocurrency ban in India and highlighted that the ban should not be an option, as her judgment “would not work in the long term and would be a setback.” Therefore, it does not protect the interests of the different investors in this market.
The CEO states: “The thing with cryptocurrency is that although governments may try to ban it or try to contain it, the very decentralized nature of the technology in a way does not allow it.”
On the other hand, the CEO of crypto exchange OKEx Jay Hao admits that there is a need to focus on regulation of crypto assets in India because the country “is home to the largest number of crypto owners in the world, and the responsibility to protect the interest of a large number of cryptocurrency investors in the country is in the hands of the government.”