Money & Banking

Crypto asset investors in the country should stay calm: CoinSwitch Kuber CEO

Our Bureau Mumbai | Updated on November 25, 2021

Ashish Singhal, Co-founder and CEO

‘We shall follow the directions provided by the government’

Ashish Singhal, Founder & CEO, CoinSwitch Kuber said on Wednesday that crypto industry is hopeful that the government will involve the industry stakeholders while drafting the bill

"At CoinSwitch Kuber, we shall follow the directions provided by the government. As of now, I urge all crypto asset investors in the country to remain calm, do their own research before arriving at a rushed conclusion. Investors should wait for a government statement on this matter and not rely on secondary sources of information,” Singhal said.

On Wednesday morning, Bitcoin’s price dropped 16.75 per cent on WazirX, Ethereum plunged 12.1 per cent, Shiba Inu dropped over 20 per cent, Dogecoin was down by over 16 per cent, Sandbox by 4 per cent and USDT or Tether by over 14 per cent.

This happened after the Lok Sabha’s summary of bills to be tabled in the winter parliamentary session released in the evening before mentioned that the government is seeking to prohibit private cryptocurrencies in the description of The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Singhal who is also the Co-Chair of the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI) said the industry has been actively communicating with all stakeholders keeping investor protection at the forefront. "Our discussions over the last few weeks indicate there is broad agreement on ensuring customers are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution," he said.

Published on November 24, 2021

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