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Key Points: Cryptocurrencies Crashes As GOI Proposes Bill To Ban All Private Tokens In The Market

NEW-DELHI: The Central Government would table a Bill on cryptocurrency in the Winter Session of Parliament. The bill aims to ban all private tokens in India while providing certain exceptions to promote the underlying technology of cryptocurrency. It seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.

--- CRYPTOCURRENCIES CRASHED?

Amid the government’s proposal, the values of major digital currencies like Bitcoin, Tether, Ethereum & others fell to their lowest rates on Tuesday evening (November 23). 

According to Crypto exchange WazirX, the digital currency market currently remains in drop as all the cryptos such as Bitcoin, Ethereum, Solana, and Binance prices declined. Solana fell by 1.24% to trade at $4,167, Ethereum dropped by 0.86% to trade at $4,167, 

--- CRYPTOCURRENCY  BILL....
 
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' is among 26 new bills on the agenda of the government for the winter session of parliament which is scheduled to commence from November 29. The bill allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. Prime Minister Narendra Modi had earlier chaired a meeting for the discussion of digital currency and related issues.


--- WHAT IS CRYPTOCURRENCY?

A cryptocurrency is a digital asset that utilizes computer code and blockchain technology to operate somewhat on its own, without the need for a central party be that a person, company, central bank or government to manage the system. The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network.