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Cryptocurrencies slump on India's digital markets amid plan to ban most of them
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euronews.comDigital currencies on India's exchanges slumped amid heavy selling on Wednesday a day after the government announced a new bill that would ban most private cryptocurrencies.
The government will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda released late on Tuesday for the winter session of Parliament set to start this month.
The bill, if passed, would effectively ban citizens in India from transacting in most cryptocurrencies.
The dollar-linked stable coin tether (USDT) slumped 25 per cent to nearly 60 rupees (€0.72) on Wednesday after news of the bill, according to Naimish Sanghvi, a cryptocurrency investor.
WazirX, one of India's largest cryptocurrency exchanges said
Read more on euronews.comAbout this in other media
Cabinet note suggests India will regulate, rather than ban, crypto cointelegraph.com /3 years ago
Is it really possible to completely ban Cryptocurrency in India? Check experiences from other countries financialexpress.com /3 years ago
54% people don't want cryptocurrencies to be legalised in India: Survey economictimes.indiatimes.com /3 years ago
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