Key Takeaways:
- India announces a bill that could ban all private cryptocurrencies, including bitcoin
- BTC price stays resilient near $57,000 as traders maintain the bullish sentiment
India Set to Ban Bitcoin and Crypto
India is looking to ban all private cryptocurrencies with the passing of a bill that aims to regulate the country’s finances. The bill, called “Cryptocurrency and Regulation of Official Digital Currency”, was proposed earlier today.
It seeks to create a financial environment that would host only one digital currency. Namely, the one issued by the Reserve Bank of India, the central bank of the country.
All other cryptocurrencies, including bitcoin, ether, and every alternative coin, would be banned if the bill is passed.
The hard-line from India toward the crypto space comes days after Prime Minister Narendra Modi criticized digital assets. Earlier in November, he urged all democratic nations to work together. The main goal was to ensure crypto “does not end up in wrong hands, which can spoil our youth.” This was also his first public comment on the matter.
Traders Unfazed as They Keep Buying the Dip
Today, the anti-crypto law comes as a continuation of previous steps from India against digital assets. Earlier this year, the Indian government considered whether it should criminalize crypto trading, investing or holding.
Against that backdrop, the price of bitcoin remained strong. In detail, the resiliency is a result of traders staying invested in the face of the looming ban from India. It has to be noted, however, that the Indian market, despite India’s 1.4 billion citizens, is not a big force in crypto markets globally.
To this end, crypto traders and investors continue to expect a bright future for the fast-developing asset class. Moreover, many strategists project a new all-time high for the price of bitcoin before year-end. With this in mind, participants are now looking to enter the market and buy bitcoin at a discount.