Dogecoin, Bitcoin Crashes to 20% on Domestic Exchanges as India Moves to Ban Cryptocurrencies

Prabhjeet  |  Nov 24, 2021

After allegations that the government is preparing a measure that will ban most private tokens, cryptocurrency counters on Indian exchanges plummeted.

In rupee terms, Bitcoin fell as much as 17 percent, Ethereum was down 14 percent, Dogecoin over 20 percent, and Polkadot 14 percent. Even dollar-pegged token Tether was down nearly 17 percent, data available at WazirX showed.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, according to a government bulletin, aims to ban all private cryptocurrencies in India. It does, however, allow for some exceptions in order to promote cryptocurrency's underlying technology and applications.

 “This is a big moment for India. From a banking ban in 2018 to listing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Parliament's winter session. Our nation has come a long way in these 3 years! It speaks volumes about how India is determined to dominate the web 3.0 era,” said a hopeful Nischal Shetty, founder, WazirX.

The global crypto market cap was down 0.36 percent to the $2.56 trillion mark compared to the last day. However, the total crypto market volume zoomed about 9 percent to $126.32 billion.

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