LATEST

    Vinco Ventures needs to get its act together as TikTok ban looms

    January 28, 2023

    BBBY’s latest 10Q has hidden text – Easter Egg or mistake?

    January 27, 2023

    Ross Miller is officially the new (sole) CEO of Vinco Ventures (BBIG)

    September 30, 2022

    If I buy BBIG stock now, will I get TYDE dividend?

    June 28, 2022

    GameStop posts Q1 FY22 results; beats revenue estimates

    June 1, 2022
    Legal
    Privacy Policy
    Cookie Policy
    Terms and Conditions
    Twitter Facebook Instagram YouTube LinkedIn
    Facebook Twitter Instagram YouTube LinkedIn
    Rising CandleRising Candle
    • Home
    • Market News

      Vinco Ventures needs to get its act together as TikTok ban looms

      January 28, 2023

      BBBY’s latest 10Q has hidden text – Easter Egg or mistake?

      January 27, 2023

      Vinco Ventures stock sinks after it delays Cryptyde spinoff

      May 25, 2022

      Enochian Biosciences (ENOB) stock crashes 40%

      May 25, 2022

      Sea Ltd (SE) stock gains over 10% on strong earnings

      May 17, 2022
    • Earnings
    • Business

      Ross Miller is officially the new (sole) CEO of Vinco Ventures (BBIG)

      September 30, 2022

      If I buy BBIG stock now, will I get TYDE dividend?

      June 28, 2022

      Wendy’s shares surge as potential takeover deal mulls

      May 25, 2022

      Snapchat (SNAP) crashes 30% after CEO warns missing EPS and revenue estimates

      May 24, 2022

      SIGA technologies (SIGA) stock gains as monkeypox cases rise

      May 23, 2022
    • Cryptocurrency
    • Forex
    Rising CandleRising Candle
    Home » India not to Ban Crypto?
    Cryptocurrency

    India not to Ban Crypto?

    Kritika MehtaBy Kritika MehtaNovember 24, 2021No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Yes! You read it right. India is not going to ban but regulate the volatile digital currencies. The updated draft of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will regulate crypto and not completely ban it.

    The Indian government took the move because the crypto stakeholders wanted a regulation on corrupt practices in the crypto market. Also, they wanted a check if there were any scams since there have been several crypto scams lately, Squid game coin being the largest.

    Crypto Market Response

    India is a large crypto market. According to data released by the Blockchain and Crypto Assets Council, India holds about $80.6 billion in crypto assets. Therefore, the market fell significantly when the country announced on Tuesday that it might ban most digital currencies barring a few. Yesterday, in response to the announcement, Bitcoin was down by approximately 18.53, Ethereum saw a decline of 15.58%. Further, Tether fell by 18.29%.

    However, the news of regulation instead of a complete ban has stabilized the market a bit. Bitcoin is still down but in a recovery phase. It is down by 0.15% currently. Further, Ethereum is up by 2.86%. However, the meme frenzy digital currencies- Shiba Inu and Dogecoin are still seeing a decline.

    How was the ban avoided?

    The Standing Committee on Finance and the representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), had a discussion last week. They then concluded that digital currencies should not be completely banned. However, the bill should regulate the crypto market.

    An Instagram advertisement promising 3x returns
    Private promotion of false crypto investment advertisements on Instagram.

    The aforementioned bill was produced in order to curb corrupt practices and scams that investors might be lured into. There have been numerous fake advertisements on social media. These ads demand investors to pay a certain amount- usually more than 10,000 INR (approx. 67 USD) and promise more than 100% returns. This has been a serious concern since not a lot of people know about the functioning of the crypto market. Therefore, the Indian government had to step in and regulate it.

    India and Crypto: History

    India has always had a dynamic relationship with the crypto market. Earlier, in 2018, it banned cryptocurrencies citing “serious concerns” for the move, which might have affected its citizens who invest in those. Then it lifted the ban on private digital currencies in 2020. Further, now they were contemplating a ban. However, the plan changed in due course of time.

    The Road Ahead

    Also, India wants to pave the way for its very own ‘inhouse’ digital currency. This move would be beneficial for its citizens. However, it is not certain that the market would respond positively to it.

    Let’s see how the volatile crypto market responds to such developments in the future.

    Bitcoin crypto Crypto ban Crypto market Crypto scam Cryptocurrency DOGE Dogecoin Ethereum India crypto ban Litecoin SHIB shiba inu
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Kritika Mehta

    Related Posts

    Coinbase loses 50% value in crypto crash

    May 12, 2022

    LUNA crashes days after Terra founder’s ironic comment; falls 99.97%

    May 12, 2022

    Crypto crash 2022 arrives – owing to inflation and TerraUSD depeg

    May 12, 2022

    LUNA bloodbath continues as TerraUSD slides 51% to $0.4

    May 11, 2022
    Add A Comment

    Comments are closed.

    Trending

    If I buy BBIG stock now, will I get TYDE dividend?

    June 28, 2022

    GameStop posts Q1 FY22 results; beats revenue estimates

    June 1, 2022

    Snowflake reports Q1 results; Stock plunges due to narrow outlook

    May 26, 2022

    Wendy’s shares surge as potential takeover deal mulls

    May 25, 2022

    Snapchat (SNAP) crashes 30% after CEO warns missing EPS and revenue estimates

    May 24, 2022

    Subscribe to Updates

    Get the latest Business and Finance news only at Investor's pulse

    Advertisement
    Editor's Picks

    AMC named ‘100 Most Influential Companies of 2022’ by Time Magazine

    March 31, 2022

    BuzzFeed released first earnings report after going public; revenue grew 24% YOY

    March 22, 2022

    U.S. jobless claims dip to a 2.5-month low

    March 17, 2022

    FOMC: Recent updates you need to know!

    March 17, 2022

    Your source for the latest US stock market and business news.

    Connect with us:

    Facebook Twitter Instagram YouTube LinkedIn Reddit

    Subscribe to Updates

    Subscribe to get weekly updates on what happened on the Stock Market and insights into where to invest.

    Legal
    Privacy Policy
    Cookie Policy
    Terms and Conditions
    © 2023 Investor's Pulse. All Rights Reserved.
    • Home

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Do not sell my personal information.
    Cookie SettingsAccept
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT
    Go to mobile version