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The Crypto Law Causes A Panic Sell, Leading In A 20% Price Drop.
2021-11-29 | Selina Mathew
Major Cryptoassets By Percentage of Total Market Capitalization (source: Coinmarketcap.com)
The founders of the Cryptocurrency exchange reassured worried investors on Wednesday that their digital assets were safe after voting to approve a law to regulate virtual currency. The government proclamation, they added, was a welcome step since a well-defined structure would help not just with systematic acquisition but also with thoroughly monitoring unregulated crypto marketplaces, which regulators are concerned about. "First and foremost, we must recognise that there is a great deal of speculation surrounding the term 'private cryptocurrencies,' which will cease once the loan is paid," said Gaurav Dahake, CEO and founder of the cryptocurrency platform Bitbns. The plan, which is said to be aimed at protecting small investors by classifying cryptocurrencies as a financial asset, has far-reaching implications for the industry, which is currently unregulated. The government intends to submit it during the upcoming winter conference in Parliament. According to a Bloomberg article published on Wednesday, the government may not have enacted a comprehensive prohibition. According to the article, the law might allow a small amount of investment in digital currencies while limiting their use as legal money. "There is no such distinction between public and private cryptography. However, the context suggests that public crypto is similar to CBDCs (central bank digital currencies, sometimes known as private digital currencies), whereas private crypto refers to assets like Ripple and -Tron "BuyUcoin's Thakral stated. RBI governor Shaktikanta Das stated earlier this year that a big bank could test the digital money in December. Despite widespread concerns about the clothing prohibition, the founders of the crypto exchanges with whom TOI spoke remain confident about the outcome. "The government has taken many positive measures to learn and comprehend crypto and its influence on all stakeholders - investors, traders, and policymakers," Avinash Shekhar, co-CEO of cryptocurrency exchange ZebPay, said. "As a result, we anticipate a crypto law that incorporates all of the inputs from those discussions."
