In a major development in the crypto world, all cryptocurrency prices crashed by 15% or more, just hours after the news that the Indian government is slated to introduce a bill that seeks to prohibit all private cryptocurrencies in the country.

The government, in its winter session of parliament which will begin on November 29, will introduce a bill to ban all private cryptocurrencies in India, with certain exceptions to promote the underlying technology of cryptocurrency. 

Today, the cryptocurrency counters on Indian exchanges plummeted. In rupee terms, Bitcoin was down 17%, Ethereum plunged by 14%, Dogecoin was down over 20%, and Polkadot was down 14%. Tether, a dollar-pegged token, was down nearly 17 percent, according to WazirX data.

In the international market, prices remained relatively stable. In dollar terms, Bitcoin and XRP both fell 1%, while Cardano fell 7%, according to CoinMarketCap. Binance Coin, Ethereum, and Polkadot were among the top-performing tokens.

In comparison to the previous day, the global crypto market cap was down 0.36 percent to $2.56 trillion. The total crypto market volume, on the other hand, increased by about 9% to $126.32 billion.

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What is Centre’s new Cryptocurrency regulation bill?

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is one of 26 bills scheduled for introduction in the Lok Sabha during the winter session.

The long-awaited bill aims to create a framework that will make it easier for the Reserve Bank of India to create an official digital currency.

It also "seeks to prohibit all private cryptocurrencies in India, but allows for certain exceptions to promote cryptocurrency's underlying technology and uses."

There is currently no regulation or prohibition in place in the country regarding the use of cryptocurrencies.

Also Read: What is Govt’s new cryptocurrency bill? Here's all you must know

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