The Indian government’s decision to outlaw cryptocurrency has resulted in a massive sell-off


According to dealers and investors, the Indian government’s plans for a new Bill that would ban most private cryptocurrencies has spurred massive selling in the country’s digital currency exchanges, as investors seek to exit positions despite losses. According to a legislative agenda announced late Tuesday for the upcoming winter session of Parliament, the government would only allow specific cryptocurrencies to promote the underlying technology and its applications.
If approved, the Bill will essentially prohibit Indian people from trading in most cryptocurrencies.
According to Mr Naimish Sanghvi, a cryptocurrency investor, the dollar-linked stable coin tether (USDT) fell 25% to roughly 60 rupees (S$1.10) on Wednesday (Nov 24) after news of the Bill. As a result of the strong selling, a second crypto investor stated the value of his portfolio had decreased to around 22,000 rupees from 34,000 rupees on Tuesday.
“I’m thinking about selling since the future is so uncertain,” said the investor, who did not want to be identified because the information is confidential.
According to bitcoin traders, some exchanges were experiencing deposit and withdrawal issues due to the massive amount of selling.
WazirX, one of India’s major cryptocurrency exchanges, had previously indicated on its official Twitter account that it was looking into claims that its app and website were experiencing difficulties.Later, it stated that the problem had been fixed. According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with roughly 400 billion rupees total crypto assets. Official statistics on cryptocurrency holdings and the user base is unavailable.


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