know what will be the effect of bitcoin crypto ban on you? , BitCoin prices fell in the midst of news of the clutches in India, know what will be the effect of crypto ban on you?

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BitCoin prices fell in the midst of news of the clutches in India, know what will be the effect of crypto ban on you?

Highlights

  • Other cryptocurrencies including bitcoin have registered a decline of 15 percent
  • India is the number 1 country in the world in terms of investing money in crypto currency.
  • There are more than 300 million people using it in the world
If you are also among the millions of people in the country who have invested or are preparing to invest in crypto, then there is bad news for you. The central government has made preparations to tighten the noose on cryptocurrencies. Due to this news only, there is a big fall in the prices of crypto currency since yesterday. Other cryptocurrencies, including bitcoin, have registered a decline of 15 percent. According to a figure, India is the number 1 country in the world in terms of investing money in crypto currency. America is at number two, there are about 30 million investors.

Let us tell you that in the winter session starting from November 29, the government will introduce a bill to regulate cryptocurrency in the Parliament. The bill, being brought in the name of ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, talks about banning all types of private cryptocurrencies. All investors can be affected by this bill becoming law.

RBI will bring its own crypto currency

The government can also give some relaxation to promote crypto currency technology. Which cryptocurrency will get relief? It’s not clear yet. At the same time, with the help of the bill, the Reserve Bank of India will get a convenient framework to issue its official digital currency.

crashed crypto market

The crypto market collapsed after the news of the introduction of a bill in Parliament to ban the cryptocurrency. Around 11 pm last night, all major cryptocurrencies saw a fall of about 15 percent or more. Bitcoin was down by more than 17 percent. At the same time, Ethereum saw a decline of about 15 percent. Tether declined by about 18 percent and cardani declined by 17 percent.

How much fall in which crypto currency?

  • Bitcoin 17%
  • Ethereum 15%
  • tether 16%
  • Cardano 17%

What will be the effect on common investors

Now the question is, if there is a ban on crypto currency, then what will be its effect. Let me explain it to you in easy language. About 9-10 crore people in the country have investments in crypto currency. So far people have invested about 70 thousand crore rupees in the form of digital currency. After the ban in the country, the price of crypto currency will fall around the world. The investors who are in India will have to sell their crypto in any case and exit. About 10 crore investors will only have to sell and they cannot buy. In such a situation, when everyone has to sell then who will buy? In this situation, those who have invested their money will have to sell their crypto even after suffering a loss.

PM Modi also warned

More recently, Prime Minister Modi had also told the world that the way people are investing money in crypto currency, it can be dangerous.

After all, what is this crypto currency?

Crypto currency is a type of virtual currency. In simple language, it is said that it cannot be taken in hand like a note or coin. It does not have any physical presence. These are digital assets. They are secured by cryptography. There is no control over the transactions. Each cryptocurrency is created with a unique program code that makes it almost impossible to copy or defraud the same cryptocurrency. It is the 5th largest currency in the world.

How does this work…

Cryptocurrency is not regulated by any central authority i.e. government or Reserve Bank. It is completely decentralized and its creation, investment and transactions take place on the Internet itself. Talking about India, the government or RBI does not know how these are being made. How is its value increasing and decreasing or how is it being exchanged. Actually, it has a complete internet network of its own. Where the information of every single transaction is saved. It is not being monitored by any single person or any organization. At the same time, work is going on in many places.

crypto trading in terms of statistics

  1. There are more than 300 million people using it in the world
  2. Crypto currency worth about 75 lakh crores is currently in circulation
  3. It was banned by RBI in 2018.
  4. But, in 2020, the Supreme Court lifted the ban on it.

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