Indian government’s plan to ban cryptocurrencies led to huge sell-offs

Indian government’s plan to ban cryptocurrencies led to huge sell-offs

Traders and investors said the Indian government’s plans for a new bill that would bar most private cryptocurrencies has triggered a massive sell-off in the country’s digital currency markets, as investors look to exit positions despite losses. .

The government will only allow certain cryptocurrencies to promote the underlying technology and its use, according to a legislative agenda released late on Tuesday for the winter session of parliament that begins this month.

The bill, if passed, would effectively ban citizens in India from transacting in most cryptocurrencies.

The dollar-denominated stablecoin Tether (USDT) fell 25% on Wednesday to nearly 60 ($0.8061) following news of the bill, according to cryptocurrency investor Namish Sanghvi.

Another crypto investor said that the value of his portfolio fell from Rs 34,000 to around Rs 22,000 on Tuesday as a result of the heavy sell-off.

“I am looking at selling because the future is so unclear,” the investor said on condition of anonymity.

Cryptocurrency traders said that many exchanges were facing deposit and withdrawal challenges due to the large volume sales.

One of India’s largest cryptocurrency exchanges, WazirX, earlier said on its official Twitter account that it was investigating reports that users were facing delays on its app and website. Later he said that the issue has been resolved.

According to industry estimates, there are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around Rs 400 billion. There is no official data available on cryptocurrency holdings and user base.

($1 = 74.4310 Indian Rupee)

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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