A lot of Indians have been investing and trading in cryptocurrencies since last year. Due to crypto's rising popularity and scams, the Indian government is ready to move 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' in the Winter Session of Parliament starting November 29, 2021. The new bill seeks to ban all private cryptocurrencies in India, except for a few ones. However, the government will reportedly allow promoting the underlying technology of crypto and its uses. Cryptocurrency Prices Crash As India Plans To Bring Bill To Ban Private Digital Currencies in Winter Session.

A day after the government listed the crypto bill for introduction in the Winter Session of Parliament, the price of cryptocurrencies crashed. A lot of Indian crypto investors are worried about what will happen if the bill is passed in the current form. Online broker Zerodha's co-founder Nikhil Kamath has also expressed his concern over the crypto bill, which seeks to ban digital currencies.

Kamath's recent tweet reads, "Is the Indian govt banning cryptos?. What happens to everything in circulation already?". Also, on November 16, 2021, Kamath had tweeted, "The problem with bitcoins is that there are 1,000 different similar coins. If anyone can create currency, what's the point of currency. A 100 years ago, if 20 of my 100 neighbours started their currency, I would favour the one with the most muscle, ie govt, for me. I'm no expert here, want to learn more, relevant arguments/info do share." Cryptocurrency Prices in India.

Well, if the Indian government bans cryptocurrencies, then online transactions between the bank and crypto exchanges will be stopped. Users will not be able to convert local currency to buy cryptos and will not be able to encash them as well. Currently, there is no ban and regulation on the use of cryptos, but there are a lot of ads that feature film stars that promise high returns on investments in digital currencies.

(The above story first appeared on LatestLY on Nov 24, 2021 01:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).