Cryptocurrency prices in India has created quite some stir in the last few weeks. Thanks to the new Cryptocurrency Bill that is all set to be passed in the winter session of the parliament.
While there is no official statement on what provisions this bill would contain, it was popularly believed that the bill would ban private cryptocurrencies.
As a result, when the parliamentary notice regarding it came out on 24th November, prices crashed over various crypto exchanges and people started to panic and sell their investments.
48 hours after the major crash, it looks like the crypto prices are gradually moving to a more stable corner. However, this is with an exception to the Sandbox token.
Yesterday at WazirX Bitcoin’s price had slightly gone up by 0.21 per cent, Shiba Inu’s price increased by 4.2 per cent, Tether was up by 2.45 per cent, Ethereum was up by 6.1 per cent and Basic Attention Token (BAT) jumped by 32.6 per cent. Showing that while prices have experienced a major drop, they will be returning in no time.
In an attempt to clear out some confusion around the introduction of the new crypto bill, Finance Secretary TV Somanathan on Thursday in an interview with CNBC-TV18 said that people had just overreacted to the development of the crypto bill which will be tabled in the parliament’s winter session.
However, he did make it clear that the government will not be making crypto legal as a tender. He also said such a position has also been denied to various other assets like precious metals like gold and silver and even alcohol.
While the Finance Secretary’s comment might have brought some relief to investors, it was unable to provide them with any further clarification of the situation. What exactly the bill holds is still a mystery and experts continue to speculate. What do you think the bill will be?
Whatever might be the answer, it sure will transform the future of crypto currency in South Asia’s biggest economy.
For more such news, stay tuned.