Mumbai / correspondent
Bitcoin prices plummeted by 23 per cent and other cryptocurrencies by an average of 35 per cent on Wazir X, a major cryptocurrency exchange in India. So investors who invest in this currency are facing big loss overnight. In view of the increasing use of this currency, the Central Government will enact a special law in the forthcoming winter session of Parliament to regulate it. However, with a few days to go, the prices of these currencies have plummeted.
Proposed legislation to regulate cryptocurrencies is expected to impose major restrictions on transactions in these currencies. The cryptocurrency market plunged when news broke that the law is going to introduce in the parliament's winter session. Bitcoin prices fell from Rs 46 lakh to Rs 33 lakh. It is now trading at a price of Rs 35 lakh. The downturn, however, has hurt cryptocurrency investors.
Parliament's newsletter, released on Tuesday, outlined which bills would be tabled in the upcoming winter session. It also includes a bill regulating cryptocurrencies. It sets out guidelines for the regulation of virtual currency provided by the Reserve Bank and proposes a ban on almost all private cryptocurrencies, with a few exceptions. As a result, the cryptocurrency market became volatile and the collapsed.
There is currently no ban on the use of cryptocurrencies in India. There are no restrictions and no rules and regulations to regulate it. Against this backdrop, Prime Minister Narendra Modi has recently convened a meeting of senior officials to signal the enactment of strict laws and regulations on cryptocurrency regulation.
At present, ads are being published through various mediums, stating that investing in cryptocurrencies is gaining momentum. For this, actors like influencers are being used. Concerns are also being raised about these ads misleading investors.
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