Bitcoin, Ethereum, other prices plunge as India moves to ban Cryptocurrency

Prices of Bitcoin and other cryptocurrencies have plunged. Bitcoin (BTC) has fallen by over 17 per cent, Ethereum went down by over 14 per cent, Tether was down by over 17 per cent, Cardano fell by over 18 per cent, and Ripple fell by over 17 per cent, according to a reports. This has come after the central government on Tuesday listed a bill to ban all but a few private cryptocurrencies while allowing an official digital currency by the RBI, as per report.

However, Forbes digital currency analysts have claimed there were multiple factors behind this downfall.

Yesterday, the Centre listed 26 bills for the upcoming session of Parliament. One of them is "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021." The bill has been listed for "Introduction, Consideration and Passing."

The bill aims to "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India." "The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its users."

The listing of the much-talked-about bill to regulate and restrict cryptocurrency in the country came after Prime Minister Narendra Modi had last week said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands. Giving an example of the virtual currency, he said, "Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.

The winter session of the Parliament is scheduled to start on November 29 and conclude on December 23.