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.
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.