The price of crypto assets on the Indian crypto exchange today recorded a decline resulting in massive discounts of up to 25% after discussions on a possible ‘ban’ of crypto by the government. The Indian government has listed a bill to be debated on the agenda next winter. Included on the list is a bill to ban crypto assets in the country.
India’s crypto assets bill is expected to be debated in December. This has caused concern among the market so much so that crypto assets are being traded at a discount price of 20% -30% today following the commotion coming from the government.
Hitesh Malviya, founder of itsblockchain.com expressed dissatisfaction by stating that as some large countries start accepting the development of crypto then the government should be more responsible in defining the definition of private crypto assets since it was first raised last February.
The market is so far uncertain about what the Indian government means by ‘private’ crypto assets. According to analysts, this matter will only be clarified after the debate among the government.
For now, the exact definition of a private or private crypto asset is still speculation. The debate on the details of the crypto bill will underline that the Indian government will ‘ban’ private crypto assets in the country.
This has sparked panic that has caused some investors to start selling their holdings. The price of Bitcoin has fallen to the trading level of $ 56.00 today.
Market players just hope there is a more detailed clarity on this so that they can make an inventory. According to them, if it only bans Indian investors from gaining access to crypto assets traded on local exchanges then it is not an issue as they can access international crypto exchanges.
The purpose of the crypto bill appears to be to provide a regulatory framework to deter illegal activity and protect investors. Another disis to facilitate CBDC India’s crypto publishing.
