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There has been a tremendous stir in the crypto market only after the announcement of the government to bring Cryptocurrency Bill in India. It is being said that the government will ban all private cryptocurrencies operating in the country with some exceptions under this bill, while a government cryptocurrency will be issued by the Reserve Bank of India. However, it is being learned from industry sources that the draft of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 or the Cryptocurrency and Official Digital Currency Regulation Bill 2021 will work on regulation of cryptocurrencies in the country and not on banning them. Sources told NDTV that there was a demand from crypto stakeholders that rules and regulations should be brought to control corrupt practices in the crypto market. He said that some amendment may be brought in the bill.

Let us inform that on Tuesday, it was announced by the Central Government that it is bringing cryptocurrency bill in India.

This cryptocurrency bill will be introduced in this winter session of Parliament, which is starting from next Monday, 29 November.

There was information that through this bill, the government wants to create a framework for issuing an official cryptocurrency under the Central Bank Reserve Bank of India.

This provision will be brought under this bill, which will ban all private cryptocurrencies.

However, some exceptions will be made to promote its technology and use.

After this news, all the major cryptocurrencies were seeing a fall of more than 15 percent at 11:45 pm.

While Bitcoin had fallen by 17 percent, Ethereum was seeing a decline of 15 percent.

Tether, the third largest crypto in terms of market cap, had fallen by 18 percent.

Also read: Cryptocurrency Crash – Bitcoin Drops 25% Due to Crypto Bill Announcement, All Big Coins including Ether Fall, See Latest Crypto Price

At the same time, around 9 am on Wednesday, Bitcoin was recording a decline of 25.5 percent.

Its price came to around 35 lakhs.

Ether, the second largest cryptocurrency, also fell 22.86 percent today, its price was recorded at 2.63 lakh.

Most cryptocurrencies including Tether, Ripple, Cardano, PolkaDot, Dogecoin, Chainlink were in the red.

Where there was a decline of 27 percent in Cardano and more than 30 percent in Elrond.

But as soon as the talk of regulation instead of ban is coming to the fore, stability is coming in the market.

By 2.40 pm, many cryptocurrencies including Bitcoin, Ethereum are registering improvement.

However, the coins are still in the red.

While Bitcoin is trending down by more than 7 percent, Ether is down a little over 4 percent.

Bitcoin has improved to above 42 lakhs.

At the same time, Ether has improved from the level of 2.63 lakh in the morning to 3.26 lakh.

India has had a warm and soft relationship with cryptocurrencies.

Cryptocurrencies were only discussed in India around 2016-17, until in 2018 the RBI had banned private cryptocurrencies expressing their 'deep concern'.

In 2020, the Supreme Court removed this ban of RBI.

And now there are discussions going on between the Center and the market participants regarding the regulation of the cryptocurrency market.

According to the Blockchain and Crypto Assets Council, there are crypto assets worth 6 lakh crores in India.

Also read: Crypto should not fall into wrong hands, youth may suffer – PM Narendra Modi's important statement on cryptocurrency

Government has expressed strict intentions

For some time, the government was actively deliberating on this subject. Just last week, a meeting of the Parliamentary Committee was held for the first time in this regard. The Standing Committee on Finance of the Parliament constituted on 16 November on Crypto Exchange, Blockchain. The Crypto Asset Council discussed the aspects related to regulation and promotion of cryptocurrencies with industry representatives and other relevant parties, and in this meeting a general view emerged that cryptocurrencies cannot be stopped, but need to be regulated. Is.

PM Modi also had a high-level meeting with several ministries before this.

At the same time, during the Sydney dialogue program last Thursday, he said that 'Take the example of cryptocurrency or bitcoin.

It is very important that all democratic countries work on this and ensure that it does not fall into the wrong hands, as it will have a bad effect on our youth.