According to the Lok Sabha, a bill “to prohibit all private cryptocurrencies in India” is one of 26 bills that will be introduced in the winter session of parliament.
On Wednesday, the global cryptocurrency market capitalization increased by 4.84 percent to $2.58 trillion. Despite a 1.90 percent drop in the last 24 hours, Bitcoin dominated the market with a 41.71 percent hold at $56,942.32. The overall crypto market volume increased by 62.53 percent in the last 24 hours to $124.40 billion.
Ethereum increased by 2.99% to $4,273, while Solana declined by 0.76 percent to $217.8. Solar Energy, up 40,467 percent, and Bankless DAO, up 12.745 percent, were the largest gainers in the market over the last day. DOGE, a memecoin, increased by 2.01%, while SHIB fell by over 6.07 percent. Notably, these coins are currently trading for less than a dollar.
The entire trading volume in the DeFi area was $18.48 billion in the last 24 hours, accounting for 14.86 percent of the total crypto intraday volume. The volume of stablecoins was $96.48 billion, or about 77.56 percent of the cryptocurrency market’s 24-hour volume.
According to a statement from the Lok Sabha, a bill to “prohibit all private cryptocurrencies in India” is among the 26 bills that will be introduced in the winter session of Parliament.
This is in line with the government’s policy of prohibiting the use of cryptocurrencies like Bitcoin for any type of transaction. With the exception of a few exclusions to “advance the underlying technology of cryptocurrencies and its uses,” the Cryptocurrency and Regulation of Official Digital Currency Bill’s impending adoption in 2021 saw the crypto markets plummet, with all major currencies falling 15% or more.