Following the news of the Indian government's proposal to ban private cryptocurrencies in the country, WazirX, India's most trusted Bitcoin and the crypto exchange went down. Nischal Shetty, founder and CEO of WazirX, has revealed that the crash was due to panic selling by investors post crypto ban bill news. Cryptocurrency Prices in India.

Users complained via Twitter about their inability to sell/buy Bitcoin on the crypto exchange platform. Users also complained about their money getting stuck during the processing. Some users also complained that there was a difference in rates between global cryptos and the one listed on the WazirX platform.

Earlier today, WazirX tweeted that the app and web services have been restored. Also, WazirX CEO Nischal Shetty has urged the investors to stay calm and show some faith in cryptocurrency. He also tweeted that this is just the beginning of crypto regulations in India.

At least 1.5 million people have invested in cryptos in India, and almost all users wanted regulation. So now, when the regulation process has begun, users should not panic and trust the lawmakers.

The government had reportedly released a list of 26 bills on Tuesday, which will be presented in the Winter Session of Parliament, and the crypto bill is one of them. The bill will be called 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' and seeks to ban private cryptos in India as RBI plans to introduce its new cryptocurrency.

(The above story first appeared on LatestLY on Nov 24, 2021 05:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website