After yesterday’s fall, all cryptocurrencies, including bitcoin, returned bullish on buying


Cryptocurrency Price Recovered: From bitcoin to ethereum and dogecoin to shiba inu, cryptocurrencies from bitcoin to ethereum and dogecoin to shiba inu saw a drop of up to 15 percent on Wednesday after news of a law to ban cryptocurrencies in the winter session of parliament. But on Thursday, the lower levels saw recovery in these currencies. Bitcoin, Ethereum, Dogecoin and Shiba Inu were all trading up 10% on Thursday after investors bought.

Bitcoin, the world’s largest and most popular cryptocurrency, was trading up 9% at Rs 45,44,500 on India’s leading crypto exchange WazirX. Ethereum, the world’s second largest cryptocurrency, gained 9.91% to Rs 3,46,350.

The government is bringing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, a bill in the winter session of the Parliament starting from November 29. The purpose of the bill is to ban private cryptocurrencies, except certain cryptocurrencies, by the RBI while allowing official digital currency.

According to Zebpay, holders of Bitcoin, Ethereum and other such tokens have heaved a sigh of relief that their investments are safe. These are completely public cryptocurrencies because they are built on a public blockchain network. Transactions can be traced even though they are anonymous. Private crypto, on the other hand, are crypto private tokens like Monero and Dash. Although these are built on public blockchain networks, they hide transaction information to provide privacy to users.

Last week, crypto companies and their associated stakeholders had a meeting with the members of the Standing Committee of Parliament. It was agreed in the meeting that cryptocurrencies cannot be banned but can be regulated. By imposing a complete ban, more than 10 crore Indians who are invested in it may suffer a loss of Rs 6 lakh crore. This is the reason why the government will not impose a complete ban on cryptocurrency.

Read also:

Xplained: Know How Cryptocurrencies Are Regulated in Other Countries

Cryptocurrency News: Reserve Bank’s digital currency will come soon, how will it be different from cryptocurrency, know here

,

Leave a Reply

Your email address will not be published. Required fields are marked *