bitcoin news today india: bitcoin news: why people holding crypto currency like bitcoin lost their sleep overnight, know these 10 big things – why bitcoin like crypto currency holders feeling trouble and crypto market crashed, know the reasons
- Investing in all cryptocurrencies in India or other activities related to it is going to be banned.
- According to the Lok Sabha Bulletin, the bill to ban crypto will be brought in the upcoming Parliament session.
- In this bill, government currency will be brought by banning all private digital currency.
Investors of crypto or digital currency got a big shock last night as their prices fell by 30% percent on sight. The most popular crypto bitcoin has broken up to 26% which may continue further. In fact, there has been a selling spree in the market as there is an atmosphere of fear among the investors that their money may not get stuck. But, what is the reason for the sudden fear created on such a large scale? Let’s know…
1. Earthquake by news of Bill’s arrival
In fact, the news of the introduction of a bill on digital currency in the winter session of Parliament came to light late on Tuesday night. It said that the government has made up its mind to bring a law to ban cryptocurrency in the country. As soon as this news came, there was panic among the investors.
2. Lok Sabha Bulletin caused panic
The upcoming session of Parliament will begin from November 29. In the Lok Sabha Bulletin released last night, a list of 26 new Bills has been published which will be taken up for consideration in this session. The list also includes ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ at number 10.
3. Consideration of Government Digital Currency
The bill proposes to ban all private cryptocurrencies in the country. The purpose of bringing this bill is given in the brief given against the name of the bill. It said, “To create a facilitating framework for making the official digital currency issued by the Reserve Bank of India (RBI)”.
4. Proposal to ban slept
So far it is fine, but what has been said in the next line has made investors sleepy. “The bill also proposes to ban all private cryptocurrencies in India,” it said. However, there will be some exceptions to this in the promotion of cryptocurrencies and some of the underlying technology for their use.
5. Fear of becoming a law
It is clear that if this bill to regulate cryptocurrencies in India is passed by the Parliament, then investing in currency like bitcoin will become illegal. This provision is certainly enough to demoralize the investors. Those who were dreaming of earning day-two, night-quadruple through investment in digital currency, the very basis of their dream was over. It is natural that as soon as the way for the ban was ready, investors were bent on withdrawing money in digital currency, which showed its effect on crypto exchanges.
6. These reasons for fear too
There are other reasons for increasing investor fears. For example, ever since the news came that the government would bring a law for regulation of cryptocurrency, questions are being asked about its framework, but the government has refrained from clarifying the position on it. In August, when the bill was introduced for cabinet approval, the media had asked questions to the Union Finance Ministry about its details, but the ministry remained completely silent.
7. Official silence on questions
When asked that there was an advertisement coming out to earn a bumper profit on investment in cryptocurrencies and people have invested then now who will be responsible for their money getting lost, even then there was no response from the government. Investors are also scared of this attitude of the government. As soon as the news of the bill came, his fear grew and he became restless.
8. The effect of the government’s stand
When Prime Minister Narendra Modi discussed the matter with the top officials of the Reserve Bank as well as the Ministry of Home and Finance on November 13, it was agreed that the lure of bumper earnings through investments in cryptocurrencies and opaque advertisements to mislead the youth. efforts should be strictly stopped. It was also said in the same meeting that crypto markets can also become a platform for money laundering and terrorist funding.
9. Serious Questions Unanswered
On Monday also, there was a meeting of various stakeholders related to cryptocurrency and representatives of this industry with the Standing Committee on Financial Affairs. In this, everyone told the need to regulate the crypto market, but when the members of the committee asked him some serious questions, no one had any answer. This strengthens the possibility of the crypto industry becoming a facilitator of anti-national activities.
Bitcoin: Banned somewhere, legal tender somewhere… Has India followed the path of China!
10. Option for Investors too
However, some relief has also been given in the bill for the hobbyists of investing in digital currency. They have been assured to bring an alternative to government digital currency. To pave the way for RBI’s digital currency, the bill also proposes to ‘allow certain exceptions to promote the underlying technology of digital currency and its uses’. That is, if someone is seeing a better future in digital currency, then he may not be able to invest in private crypto like bitcoin, ethereum, but the option of government currency will remain open.
Cryptocurrency Market Downturn (Indicative Image)
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