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Crypto exchange News: Crypto exchanges in the country have urged their investors not to panic and sell their cryptocurrencies in a hurry. The crypto currency exchange had to say this because since this morning, investors have been selling heavily in it, as a result of which many crypto exchanges almost crashed.
Why did cryptocurrencies fall?
The crypto exchange saw a huge drop after the government’s plan to introduce a bill banning private cryptocurrencies in the winter session of Parliament. Today, along with this news came another news that the country will have its own digital currency. With both the news, the existing crypto investors started panic selling.
When will the bill on cryptocurrency be introduced
The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 will be introduced in the winter session of Parliament. Let us tell you that this session is going to start from November 29 and its legislative agenda was released yesterday i.e. on Tuesday. Seeing its effect, all major digital currencies saw a big drop of up to 15 percent. Under this, there was a decline of about 18.53 percent in Bitcoin, 15.58 percent in Ethereum and 18.29 percent in Tether.
What the founder of WazirX said
Nischal Shetty, Founder and CEO, WazirX, said that since last night we were seeing huge sell-off on the exchange which was seen in our WazirX INR market. This mainly came after this news in which there was talk of bringing a crypto bill in the winter session of Parliament. Anyway, the bill has the exact same description as it was in January 2021. Even at that time, after the news of the arrival of this bill, there was a lot of fear in the minds of the investors.
Unprecedented growth was visible in the Indian market – Nischal Shetty
Nischal Shetty while talking to ABP News said that due to the ever-increasing demand in the Indian crypto market, the crypto market was witnessing a slight premium of 5 to 8 percent over the global markets. However, due to panic selling or panic selling, the Indian market also declined and it was trading at a discount of about 15 to 20 percent for some intervals. However, now there is a recovery in the market and at this time this market is trading only at a discount of about 4 percent.
Finance Secretary had already indicated
On several occasions, former Finance Secretary Subhash Chandra Garg has advocated that the use of the term currency for crypto should be curbed. Nischal Shetty also said that “Crypto can be classified or classified under several categories such as currency, asset, utility and security, then currency can be one of its many forms. It is well known that INR (Indian National Rupee) is the only legal currency operating in the country and crypto is an asset that people can buy and sell.
He also emphasized that if the crypto bill is brought in the Parliament, then there will be many discussions on it and many dimensions will come out about the bill. Also work is being done on regulation of crypto and we should trust our law makers.
PM Modi has also expressed concern
Earlier this month, Prime Minister Narendra Modi chaired a meeting that discussed the future of cryptocurrencies and a consensus was reached that crypto should not be allowed to become a source of money laundering and terror funding through unauthorized markets.
ZebPay’s Avinash Shekhar also told his stand
ZebPay Co-CEO Avinash Shekhar said that we are waiting for more details regarding this bill. The government has already taken several positive steps to understand crypto and its impact on stakeholders, investors, exchanges and policymakers. We are confident that the government will take a decision keeping in mind the discussions held with them and looking at all the inputs.
Due to the number of private cryptocurrencies, the Reserve Bank of India was forced to express ‘deep concern’. Bitcoin, which is the world’s most popular cryptocurrency, is currently trading at around $60,000, which is more than double its level at the beginning of this year. Due to this, there was a panic among the investors to buy it. Let us inform that RBI had said in June 2021 itself that it is working on launching its digital currency by December 2021.
ABP News while talking to Kumar Gaurav, Founder and CEO of Kaisha Said that “There has already been a huge amount of money in cryptocurrencies, its volumes are quite large and its investors have increased steadily with the passage of time. If these are banned completely, the economy will suffer huge losses because then These will only work to increase the black market. The government also understands all these things and knows that in view of its trend, only such steps will have to be taken so that it is not used in the wrong area like money laundering- we believe that .
According to industry estimates, there are about 15 million to 20 million crypto investors in India, whose total crypto assets can be valued at around Rs 40,000 crore, ie it can be a business of around $ 5.39 billion. At the same time, according to DIFX, a centralized exchange in Dubai, India’s talk of bringing a bill banning crypto is disappointing.
What the co-founder of Unocoin said
Talking to ABP News, Unocoin’s co-founder and CEO Satwik Vishwanath said that we will have to wait and see what will be the provisions of the bill. It is disappointing that the market is taking it in this negative view. Right now it is difficult to tell how it will affect the country’s crypto exchanges. Especially when India is moving towards digitization, banning it would be like missing an opportunity. There are about 15 million crypto investors in the country and about 20 cryptocurrency exchanges are functioning.
Let us tell you that in the recent times, there has been a huge increase in the number of such advertisements which claim that cryptocurrency investing is a simple way and it can give great returns. However, during this period, the fear that such currencies are giving false assurances to ordinary investors is a matter of concern.
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