Money & Banking

Exchanges on tenterhooks as they await details of proposed cryptocurrencies Bill

Our Bureau Mumbai | Updated on November 24, 2021

Prices of cryptocurrencies including Bitcoin, Ethereum, Shiba Inu and Dogecoin dip sharply

Cryptocurtency exchanges in India are on a wait and watch mode before they plan their next steps as a consequence of the Government’s move to introduce legislation to regulate the crypto industry. While the draft Bill proposes to ban all private cryptocurrencies, the exchanges wait for the details of the proposed law.

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Nischal Shetty, Founder, WazirX, said, “While the description of the draft Bill appears to be the same as in January 2021, several noteworthy events have occurred since January. First, the Parliamentary Standing Committee invited a public consultation, and then our Prime Minister himself came forward to call for crypto regulations in India. That being said, let’s respectfully wait to find out more about the draft Bill to be tabled in Parliament.”

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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 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.

Will inputs be included?

Avinash Shekhar, Co-CEO, ZebPay, said, “We’re awaiting further details on the Bill that is going to be presented in the winter session of Parliament. There have been many positive steps taken by the government to learn and understand crypto and its impact on all stakeholders — investors, exchanges, policymakers. So, we’re looking forward to a crypto Bill that takes into consideration all the inputs from those discussions.”

“We welcome the move from the government. A well-assessed and thought-through regulation will pave the way for greater adoption of the technology and will help millions of Indians embrace this new-age asset class. We are looking forward to the next steps on this,” a CoinDCX spokesperson said.

Published on November 24, 2021

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