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News of crypto ban in India trigger a price drop



Following the government's proposal to ban private cryptocurrencies, the prices of the most important coins in India have fallen significantly. However, it is probably too early for crypto enthusiasts to worry. Quartz India has released a report designed to reassure panicked Indian crypto investors.

It is still unclear whether there will be a crypto ban in India. Nevertheless, the prices of the most important cryptocurrencies have fallen significantly since yesterday - Bitcoin by 17%, Ethereum by 15% and Tether by almost 18%.

The drop in prices is a reaction to the " Lok Sabha Bulletin " published on November 23rd. It says that the law on cryptocurrencies and the regulation of official digital currencies will be presented in the winter session of Parliament. This begins on November 29th. The new bill proposes banning private cryptocurrencies in India, but "allows certain exceptions to promote the underlying technology and its use".

While key details of the bill are not yet known, experts believe that the panicked sale of cryptocurrencies partly reflects their increased popularity since January. It was then that the bill was proposed for the first time.

Panic in the crypto market in India

It is estimated that there are nearly 20 million crypto investors in India. They hold cryptocurrencies worth around 5.39 billion US dollars. First-time investors, including those from smaller cities, make up a large part of the Indian cryptosystem. They are now concerned, said Nischal Shetty, founder, and CEO of one of India's largest crypto exchanges, WazirX.

Since the description (of the bill) is the same as it was in January 2021, there is a lot of panic in the market. Right now nobody knows what's going to happen.

The description of the proposed regulations in the Lok Sabha Bulletin is the same as in the previous January version:

A legal framework is being created for an official digital currency of the Central Bank of India. The bill also aims to ban all private cryptocurrencies in India, but allows certain exemptions to encourage the underlying technology and its uses.

The description implies that all private cryptocurrencies like Bitcoin, Ethereum, Tether and Ripple should be banned. Such a move would force crypto exchanges in India to close.

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