The Indian government announced the introduction of the cryptocurrency bill in the Winter Session. Post that, the scenario in the country regarding crypto has changed quite substantially. It is largely due to the fact that India’s crypto bill will likely ban all private crypto in the country.
The crypto bill is seeking a legislative vote on creating an official digital currency. On the other hand, India’s crypto bill will impose a ban on “all private cryptocurrencies.” However, the description of “private cryptocurrencies” is a bit vague since it can refer to “private” coins such as Monero.
According to this logic, every single crypto in the market comes into the definition.
On the other side of the spectrum, the marketing manager of WazirX, Rohit Kundliwal had a differing opinion. He posted up on this issue on Linkedin, saying:
“Shri Narendra Modi, Nirmala Sitaraman, Finance Ministry, and many prominent and sane politicians have told multiple times that there will not be a blanket ban on crypto.”
In order to provide some relaxation in the community, crypto exchanges sought various measures. CEO of Mudrex, Edul Patel said:
“We are considering reaching out to all our 50,000 registered investors through our channels to urge them to ignore the noise around and carry on their investing journey with a long-term wealth building approach.”
Tanvi Ratna who is the CEO of Think Tank Policy 4.0 said that popular coins such as Bitcoin and Ethereum shouldn’t fall under the blanket ban. Moreover, A blanket ban would greatly increase the scope of P2P transactions in the country.
Post this revelation, the market reacted in a pretty volatile manner with the news of a possible ban. In fact, prices of crypto in WazirX went ‘south’ pretty quickly. This panic sell-off slumped the price of Bitcoin, Ethereuma, and Cardano with double-digit regrowth.