Bitcoin and Ether Rise Despite Crypto Crackdown in India

[ad_1]

The top two digital assets rose on November 25 amid optimism that the new rules for cryptocurrencies planned by the Indian government would not live up to an outright ban.

Bitcoin and Ether both came under pressure on November 24, as markets reacted to India’s intention to ban most cryptos as part of a plan to introduce a regulated digital currency. by its central bank.

The government has presented a bill to this effect which will be examined during the parliamentary session which will begin on November 29.

The bill “seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses,” according to a bulletin published on November 23 on the site. Parliamentary Web.

But not everyone is so pessimistic about how this might turn out.

READCrypto cashback sparks moral panic on Britain’s main street

“I think we’ll have some sort of consistent, but tighter, regulation,” Avinash Shekhar, co-CEO of Zebpay, an Indian cryptocurrency exchange, told CNBC.

Shekhar told the outlet that there were “a lot of positive vibes from the government.”

“We met with the parliament’s finance committee about two weeks ago,” the crypto official said. “The message or the impressions we are getting from the government is that they are looking for some sort of strict regulation, but not a complete ban.”

READBinance pushes crypto bill of rights after regulatory review

Bitcoin, which is the largest crypto with a market cap of $ 1.1 billion, rose 4% on November 25 to around $ 58,700, from $ 56,000 the day before, according to pricing data from CoinDesk.

Bitcoin has fallen about 15% from its all-time high of nearly $ 69,000 reached earlier this month.

Ether, the second-largest digital asset, was also 4% higher at $ 4,450, but still more than 8% below its high in early November, near $ 4,900.

The global rise in bitcoin and ether was even more pronounced in India’s cryptocurrency markets, where both digital assets jumped more than 9% on November 25 on Wazir, a national crypto exchange.

This article was published by Dow Jones Newswires

[ad_2]