Prices Of Cryptocurrencies Crashed...? Know Why?

A bill on cryptocurrency is going to be introduced in the upcoming Winter Session of Parliament. The Bill, titled "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021", will be up for introduction and passing in Parliament.

According to a Parliament bulletin, "The stated intent of the Bill is to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India." 

Now, the prices of cryptocurrencies crashed after India proposed a law to ban all private players.

Siddharth Zarabi took to his Twitter and wrote, "Sea of red in cryptocurrencies as prices crash post news that India proposes a law to prohibit all private cryptocurrencies." Here is the tweet.

Sea of red in #cryptocurrencies as prices crash post news that India proposes a law to prohibit all private cryptocurrencies.#CryptocurrencyNews #cryptotrading pic.twitter.com/55XUPyZ6Ue

— Siddharth Zarabi (@szarabi) November 23, 2021

An official said that "The currency has the backing of the sovereign. It can be regulated at every level. In case of cryptos getting the status of currency, the problem remains, who will provide the guarantee."

In a meeting, Prime Minister Narendra Modi said, "Take cryptocurrency or Bitcoin, for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth."