Crypto Prices Plunge; New Crypto Bill To Stop Its Usage As Currency Substitutes Or As Payment Systems

As of writing this copy at around 11:15 pm (IST), cryptocurrencies market cap globally as per Coinmarketcap decreased by over 2 percent over the previous day. Likewise, in the now most fascinating and highly volatile asset class also saw a drop.

Crypto Prices Plunge; New Crypto Bill To Stop Its Usage As Currency Substitutes Or As Payment Systems

Notably as against the morning today, when cryptos were trading with gains, they have again tumbled, with bitcoin at $54,922, down over 2 percent. Of the top 20 list compiled by Coindesk.com, 18 digital tokens were trading in the red, with only Polygon and Stellar quoting higher, with the former up by up to 10 percent.

Back in India, amid all the uncertainty around the new crypto bill there is a proposal by the central government to form a "facilitative framework for distributed ledger technology" as part of the planned crypto regulation bill that is to be taken up in due course by the cabinet.

As per sources privy to the development, the bill shall prohibit crypto assets usage as "currency substitutes or as payment systems or for remittances".

In addition the bill proposes a "general prohibition on all activities by any individual on mining, generating holding, selling, dealing in issue, transfer, disposal of or use of cryptocurrency as a medium of exchange, store of value and a unit of account".

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