There has been a huge drop in the cryptocurrency market.

crypto market went awry after news of the government introducing a bill in Parliament to ban all private cryptocurrencies in India, with few exceptions, to "promote cryptocurrency and the underlying technology of its use".

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As of 11:15 pm on November 23, all major cryptocurrencies saw a decline of about 15 percent or more.

Bitcoin fell by more than 17%, Ethereum about 15 percent and Tether about 18 percent. 

An official document on the proceedings of the House said today that the Official Digital Currency Bill, 2021 on Cryptocurrencies and Regulation, is to be introduced in Parliament in the upcoming winter session.

This session is starting from 29th November.

The bill will ban all private cryptocurrencies in India with a few exceptions.

It is expected that it will be put up for passage with a final view during the winter session.

The government says that the Reserve Bank of India will issue its own digital currency.

Its objective is to "create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India."

Misleading advertisements in the media about the safety, investment potential and risks of investors' money have long been a cause of concern.

The government has held several meetings with all stakeholders to discuss the regulation of digital currencies.

Prime Minister Narendra Modi has also chaired a high level meeting with officials of various ministries and RBI on this issue.

On 16 November the first Standing Committee on Finance on Digital Currencies headed by Jayant Sinha of the BJP to discuss the "opportunities and challenges" of crypto finance reached a consensus that cryptocurrencies cannot be stopped but regulated. should go.

Delivering the keynote address at the Sydney Dialogue on 18 November, Prime Minister Narendra Modi urged all countries to ensure that cryptocurrencies "do not end up in the wrong hands".

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have also expressed concerns about the uncontrolled growth of cryptocurrencies in India, keeping in mind the vulnerable retail investors.

El Salvador is the only country to legalize cryptocurrency.