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India’s Crypto Ban Causes Market to Freefall

India bans crypto

India will be proposing a law to ban the trading, mining and even possession of cryptocurrencies. This comes after the country’s crypto trading volume has surged in the last few months.

After this news broke, the price of Bitcoin and other cryptocurrencies fell fast. Bitcoin hit a low of around $57,500 before stabilizing around $58,000. Ethereum fell from $1,880 to around $1,780, a 5% drop in a matter of hours.

Central banks are adapting to the fast growing world of cryptocurrencies. Other countries which have implemented bans on cryptocurrencies include China and Nigeria. The U.S. have mandated its residents to declare their crypto holdings and profits.

The need for central banks to control monetary policy via a self-controlled and self-issued fiat currency is important. This has set forth a motion for CBDCs to gain recognition among central banks. An outright ban on cryptocurrencies would only drive away innovations and skilled talents. Afterall, the world’s largest economy – the United States – was built on innovations.

A reconciliation is all the more urgent today as regulation and innovation converge. An outright ban just spells of desperation.

You may also want to read: Cryptocurrency Exchange Binance May Regulate Before Getting Regulated

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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