Last Tuesday (23), all the main cryptocurrencies are down 15% or more, with Bitcoin down over 17%, Ethereum down nearly 15%, and Tether down nearly 18%.
After the Indian government declared on Tuesday that it would introduce a new financial regulation, India is on track to ban all but a few cryptocurrencies private.
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The ‘Cryptocurrency and Official Digital Currency Regulation’ Bill will establish a framework for the Bank Central India issue an official digital currency and ban all private cryptocurrencies such as Bitcoin and Ethereum.
Prime Minister Narendra Modi made his first public comments on the matter earlier this month, saying that all democratic nations must work together to ensure that cryptocurrencies “do not end up in the wrong hands, which can corrupt our youth".
According to the parliament bulletin, the law, which will be presented to parliament in the next session, will allow for exceptions to promote the underlying blockchain technology.
Thousands of peer-to-peer currencies that thrive on being outside the scope of regulatory inspection would be harmed by such a pre-check strategy.
The government made holding, issuing, mining, trading and transferring crypto assets illegal earlier this year.
The announcement that the government has introduced a bill in Parliament to restrict all private cryptocurrencies in India, with a few exceptions to “promote the underlying technology of cryptocurrency and its purposes”, made cryptocurrencies break on.
On Nov. 23, all major cryptocurrencies are down 15% or more, with Bitcoin down over 17%, Ethereum down nearly 15%, and Tether down nearly 18%.
