Highlights

  • Indian investors have over $10 billion assets invested in digital coins
  • India is second to the US in cryptocurrency trade adoption as per reports 

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Cryptocurrency Bill: A ban in the works sends crypto prices crashing in India

Cryptocurrency Bill: The RBI has voiced dissent against cryptocurrencies, expressing concerns over potential risks to macroeconomic and financial stability. 

Cryptocurrency Bill: Crypto prices tanked on Indian crypto exchanges after the Crypto bill proposing to ban 'private currencies' was listed for the upcoming Winter Session.

Bitcoin fell more than 13% on WazirX, while Shiba Inu and dogecoin both fell more than 15% in the hours after the revelation. These price moves were limited to Indian trading platforms however, with the price of bitcoin staying in the green on non-Indian platforms.

Also Read | Now, you can pay for your pickles with cryptocurrency

The worry for Indians holding over $10 billion in crypto assets began last week as PM Modi in a speech said it was important to ensure the digital currencies should not be used in an unlawful manner as it could spoil the youth.

Money laundering and financial instability due to lack of global oversight has been the main concern for the RBI that has been actively blocking the growing trade of digital coins.

India effectively outlawed crypto transactions in 2018, only for the Supreme Court to strike down the ban two years later.

Also Read | Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency

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