Bitcoin busted: Preparations to bring a bill to ban crypto in Parliament, there is a huge decline in cryptocurrencies around the world

Most of the cryptocurrencies are seeing a decline after the news of the central government tightening the noose on cryptocurrencies. This morning at 10 am bitcoin is seeing a drop of more than 17%. For cryptocurrencies, the government will introduce a bill to regulate cryptocurrencies in Parliament in the winter session beginning on November 29. The bill seeks to ban all types of private cryptocurrencies.

However, the government can also give some relaxation to promote crypto currency technology. It is not yet clear which cryptocurrencies will be relaxed. At the same time, with the help of the bill, the Reserve Bank of India will get a convenient framework to issue its official digital currency.

A total of 26 bills, including the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will be introduced in the winter session. The cryptocurrency-related bill is at number 10 in the list. There are 15 to 20 million users of cryptocurrencies in India. All these users can be affected by this bill becoming law.

Currently, there is no regulation regarding cryptocurrencies in the country. Because of this, Prime Minister Narendra Modi had a meeting on cryptocurrencies with senior officials and hinted at taking stronger regulatory steps. The government believes that due to lack of regulation regarding cryptocurrency, it is being used for terror funding and movement of black money.

After the meeting of the PM, the first meeting of the parliamentary panel headed by BJP leader Jayant Sinha on cryptocurrency was held. The consensus reached in this meeting is that cryptocurrencies cannot be stopped, but should be regulated.