If you’re a holder of cryptocurrencies in India, then we’re sure you’ve woken up to some enormous losses this morning as almost all crypto coins saw a 10-15% dip in their prices overnight. There has been massive panic selling as well as the India government plans to place a blanket ban on privately held crptocurrencies, and the panic has been confirmed by WazirX founder Nischal Shetty as well.
If you don’t know already, there’s been a massive boom in cryptocurrencies in India over the last 6 months or so, with a number of crypto trading companies cropping up. Since the government has always been against cryptocurrencies in India, these brands haven’t been able to publicly advertise, but they’ve been spending a lot on advertising on the internet and digital OTT platforms.
One of the leading crypto trading platforms in India, WazirZ.com, even reported that the boom was so real that they paid out over Rs.30 Crore only in referral money in the month of April 2021, and you can read all about that here. However, the recent panic is caused because of the Lok Sabha recently announcing the introduction of a cryptocurrency bill in the upcoming winter session of the Parliament.
SEE ALSO: List of top online sports betting websites
WazirZ founder Nischal Shetty went on record to say that the lawmakers are scared of competition against the rupee and that’s why The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 wants to ban all private cryptocurrencies in India, and the bill has been listed in the agenda of the upcoming winter session which begins on 29 Nov and ends on 23 Dec 2021.
the number of crypto enthusiasts in India has grown exponentially over the last one year but now, Indian prices are trading at a 5% discount compared to global peers. “Lawmakers would not want a cryptocurrency which directly competes with the rupee,” said Shetty after he confirmed panic selling on the platform. WazirX users took to Twitter to share screenshots of portfolio losses of 50% and more!
This not only puts a stop on this growing industry but it also means losses in thousands and lakhs of rupees for the common Indian man. “If things have value only because they will be pricier down the line, that’s a bubble. A lot of cryptos have value only because there is a greater fool out there willing to buy,” said former RBI Governor Raghuram Rajan about his skepticism on cryptos.
For more updates on the future of cryptocurrencies in India, stay tuned to ReadScoops.com.
Register on WazirX and start trading in cryptocurrency today
