Crypto bloodshed in full swing as India plans for crypto regulations
|- Cryptocurrency selloff enters second day of the week.
- Crypto regulation draft to be forward to the ministry of finance before end of December.
The cryptocurrency carnage entered its second day this week. Last week was another bloodbath in the market but the weekend trading saw Bitcoin and other digital assets consolidate losses. At the moment, the assets are attempting a recovery after most of them tanked to explore new yearly lows. Bitcoin has reversed from the intraday lows of $4,224and is now trading at $4,420. Ethereum dipped to lows of $124 but currently dancing with $134. Ripple is also focused on reversing the trend above $0.5 but currently flirting with $0.452.
India’s cryptocurrency space has been in uncertainty since the central bank put a ‘ban’ on cryptocurrency businesses. Banks in the country were directed to cut all business with crypto entities and for a while it stifled business, especially on the exchanges. The exchange firms, however found a way to survive amid the ban while relying on peer-to-peer platforms.
In an interesting turn of events, the Indian government is reported to be considering drafting regulations for the crypto space. A panel that had been tasked by the ministry of finance in India to come up with guidelines for crypto trading and the blockchain industry in the country is expected to table its draft in December.
CCN, a crypto news outlet reports that the panel was put together during the Supreme Court ruling. A counter-affidavit that challenged to ban on crypto business proposed that:
[S]erious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.
The prepared draft will be taken to the finance ministry’s inter-ministerial committee. After it has been delivered, it will be forwarded to the members of the committee before the end of next month.
More on regulation:
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