Crash in Crypto after Indian govt reveals plan to bar private cryptocurrencies

Last updated on December 6th, 2021 at 05:57 am

India – The Indian government is rapidly moving towards finalising its plans for the legalization and usage of cryptocurrencies in the nation but ahead of any confirmed call, crypto prices have seen a shocking decrease starting this week.

All crypto prices have reportedly crashed by more than 15 per cent. The timing of this crash was enough to reveal the reason for such a decline. The centre had announced that it will be introducing a cryptocurrency bill in the parliament at the start of the winter session where it will be restricting or prohibiting private cryptocurrencies in the country.

Of course, it will be done with a few exceptions but people are extremely disappointed by the decision. The government will also be coming up with Banking Laws Bill 2021 which will be focusing on private sector banks in the forthcoming winter session which will commence from November 29.

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Economically, India has been making some rapid and drastic changes especially given the turmoil the covid-19 pandemic brought in the nation. India, for example, has decided to release five million barrels of crude oil to countries like the US, Japan, China and the Republic of Korea under its strategic petroleum reserves.

The move will reportedly decrease the fuel prices which have increased all over the world. The development is a part of the United States efforts where it is asking other countries to release crude from its reserves as it will help nations to avoid over-dependence on other nations for fuel needs. Other than that the centre has also taken a final call on taxation where they stressed that they will release two instalments of tax devolution to states, which is adding up to ₹ 95,082 crore. It will further increase the possibilities of investment in the nation for common people.