Bitcoin, Ethereum, other coins recover from lows

Cryptocurrency prices today have recovered from lows after the government listed a Bill that seeks to prohibit all private cryptocurrenies, barring a few exceptions.

The world’s largest cryptocurrency Bitcoin is up by 4.59% at 45,60,417 (in INR terms), while Ethereum is trading 6% higher at 3,47,661, according to the data from CoinSwitch.

In dollar terms, Bitcoin was trading at $58,560.80 with a market capitalisation over $1.1 trillion. Dogecoin price is up over 4% to $0.22 whereas Shiba Inu surged nearly 6% to $0.000040, as per CoinDesk.

The government has recently confirmed that it will introduce “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021″ during the winter session of Parliament beginning 29 November.

The bill seeks to prohibit all private cryptocurrencies in India, but will allow certain exceptions to promote the underlying technology of cryptocurrency and its uses, the government said in a notification on Lok Sabha website. The bill also aims “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India”.

Amid lightning pace developments in the cryptocurrency space in the country, the industry has urged investors to remain calm and not arrive at a rushed conclusion.

“It is hard to comprehend what the government means by private cryptocurrencies. Bitcoin, Ether etc. are public crypto built on public blockchains and have their own specific use cases,” said Nischal Shetty, founder of WazirX.

“They are needed to run smart contract and write to the distributed ledger that they’re built on top of. People cannot use INR or USDT to pay for fees on the Bitcoin or Ethereum Blockchain,” Nischal Shetty further added.

BuyUcoin CEO Shivam Thakral said he expects the Bill to accommodate the aspirations of Indian crypto owners, Indian crypto entrepreneurs, and investors who have put their faith in India’s crypto growth story.

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