Cryptos trade in red after Centre plans bill to bar private cryptocurrency

Cryptocurrency traded in red on Wednesday after the Centre announced its plans to bring a bill to prohibit all private cryptocurrencies in India. Bitcoin has fallen by a jaw dropping 25.04 per cent after the recent announcement.

Currencies like Ethereum and Dogecoin went down by 22.86 per cent and 22.54 per cent respectively. Litecoin has tanked by 24.59 per cent whereas Ripple or XRP has fallen by 24.66 per cent.

Shiba Inu has tanked 27.40 per cent and BTC dropped by 32.22 per cent after the government's cryptocurrency bill announcement. Widely popular cryptocurrency Bitcoin is currently trading at $56,338.10 while Ethereum currently trades at $4,237.59.

Dogecoin is trading at $0.2223 while XRP (Ripple) trades at $1.04 as of now. Litecoin is currently priced at $210.06. Shiba Inu currently trades at $0.00004045.

For the unversed, the Cryptocurrency and Regulation of Official Digial Currency Bill, 2021 “seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology and its uses.” Another objective of this bill is to create a framework for creation of official digital currency, which will be issued by the Reserve Bank of India (RBI).

Also read: Internet criticises govt's proposed Crypto Bill 2021; memes ensue

Also read: Govt to move Bill to ban all private cryptocurrencies; check out reactions from the industry