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India’s top 10 favourite cryptocurrencies in 2022

<ul><li>India’s long awaited crypto bill is expected to be tabled at the <keyword id="444217" type="General" weightage="20" keywordseo="winter-session-of-parliament" source="Orion">Winter Session of Parliament</keyword>.</li><li>It has sparked widespread speculation that the government may not have softened its stance on digital currencies, impacting trades on crypto exchanges in India.</li><li>It’s worth noting that the bill wasn’t discussed in the February session despite being listed at the time.</li></ul>The prices of cryptocurrencies on Indian exchanges slumped to massive discounts of up to 25% after talks of a possible government ‘ban’ started — yet again — yesterday. The <keyword id="44734" type="General" weightage="20" keywordseo="indian-government" source="Orion">Indian government</keyword> listed a bill on the agenda of the upcoming Winter Session of the Parliament, which apparently seeks to “<a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">prohibit private cryptocurrencies</a>” in the country. <div type="Article" hostid="261" msid="87874900" title="India’s cryptocurrency bill is going up for discussion in December — but it seems to be beating to same rhythm as 10 months ago" mstype="2" mssubtype="0"></div> “Cryptocurrencies are trading at 205 to 30% discount right now due to the chaos created by the government. The ruling government should have acted more responsibly to define the definition of private cryptocurrency since they mentioned the term for the first time back in February,” Hitesh Malviya, founder of itsblockchain.com, told Business Insider India. The fear, uncertainty and doubt (FUD) comes from the uncertainty around what the Indian government means by ‘private’ cryptocurrencies. According to experts, there will only be clarity on the subject once a formal draft of the bill comes into the public domain, which is yet to happen. <div type="ExtQuote" text="“For time being, this [what is a private cryptocurrencies] continues to be a speculation and from my understanding, the parliament did not meet its intended agenda in the last session and that has come for consideration now. That could be the reason why there hasn't been a change in the title of the agenda itself.”" auname="Sathvik Vishwanath, co-founder and CEO of Unocoin, told Business Insider India"></div> <cmsannotation type="cmsannotation" annotationid="So, what exactly happened before the FUD?" comment="subhead" text="So, what exactly happened before the FUD?">So, what exactly happened before the FUD?</cmsannotation> The government, on Tuesday, November 23, listed the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”, to be discussed in the upcoming Parliament session. The agenda mentioned for this session was exactly the same as the one listed in January, ahead of the February-March session of the Parliament. <div type="image" title="crypto bill agenda" msid="87891812" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s crypto bill listed for the Winter Session of Parliament, which will kick of on November 29&amp;lt;/p&amp;gt;"></div> The item’s description outlines that the Indian government would ‘prohibit’ private cryptocurrencies in the country, which many have translated to mean a possible ban being on the cards. This led to widespread speculation, both amongst users and the media, which in turn led many to withdraw their crypto holdings in fear of losing it. <cmsannotation type="cmsannotation" annotationid="Cryptocurrencies fell harder in India" comment="subhead" text="Cryptocurrencies fell harder in India">Cryptocurrencies fell harder in India</cmsannotation> Cryptocurrencies in India usually trade at a premium against global markets, which continues. However, Bitcoin’s price dropped to a low of ₹33,50,535 from a high of ₹46,13,182 less than two days ago on the Indian crypto exchange, WazirX. As of 4:00pm Indian Standard Time (IST), Bitcoin had recovered to ₹41,75,218. Similarly, the second largest cryptocurrency in the world, Ethereum, also dropped in the market. The price of ETH went from ₹3,45,500 less than 48 hours ago to a low of ₹2,50,849. It too had recovered to ₹3,14,961 at the time of writing. It’s worth noting that global markets registered a drop too, but has since recovered. Bitcoin registered a drop of about $2,000 between 2:00pm IST to midnight IST yesterday, while Ethereum fell by under $1000. Both have recovered their prices too, but Ethereum is closer to its original price than Bitcoin. <cmsannotation type="cmsannotation" annotationid="No crypto ban on the horizon" comment="subhead" text="No crypto ban on the horizon">No ban on the horizon</cmsannotation> What many seem to have missed though is that the two lines of text on the agenda may quite possibly be a copy-paste of what was mentioned in the February session agenda, something that many pointed out on Twitter yesterday. “The expectation for a crypto currency investor in India should be to align themselves to this reality and plan accordingly. In so far as banning private cryptocurrencies in India is concerned, Indian investors may continue to have access to virtual currencies traded on international exchanges and via wallet-to-wallet transfers,” Namita Viswanath, a partner at IndusLaw, told Business Insider. The purpose of the crypto bill seems to be to set up a regulatory framework to deter illicit activity and protect investors. One part is to come up with an official digital currency under the governance of the central bank, the Reserve Bank of India (RBI). And, the other is to ‘prohibit’ private cryptocurrencies barring some exceptions, which are yet to be highlighted. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency</a> <a href="https://www.businessinsider.in/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">India’s cryptocurrency bill is going up for discussion in December — but it seems to be beating to same rhythm as 10 months ago</a> <a href="https://www.businessinsider.in/cryptocurrency/news/as-india-looks-to-reign-in-crypto-heres-a-look-at-how-theyre-regulated-across-the-world/slidelist/87889544.cms">As India looks to reign in crypto, here's a look at how they're regulated across the world</a>

FUD takes over Indian crypto markets after government lists crypto bill for discussion

<ul><li><keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has smashed past the $20,000 mark for the first time, doubling in value since the beginning of 2020.</li><li>Bitcoin has seen growing interest and participation from renowned global investors, including billionaire Alan Howard and insurance giant MassMutual.</li><li>Industry insiders believe there’s more to come in this bully rally in the cryptocurrency.</li><li>Payment giants Visa, MasterCard, and PayPal have also thrown their weight behind Bitcoin, leading to a boost in investor confidence.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Bitcoin has gone past the crucial $20,000 barrier for the first time, setting a new record in the cryptocurrency’s history. The latest breakout in Bitcoin comes after it was hovering around the $20,000 mark for the last one month. Since the beginning of 2020, Bitcoin has doubled in value – it has increased from $11,100 in the beginning of this year to $22,000 as of December 17, and there are two more weeks left this year. That is a 100% increase in Bitcoin’s value, making it an increasingly lucrative option for a lot of investors. At the time of writing this story, 1 Bitcoin was valued at over $22,000, which is another crucial range for the cryptocurrency. Industry insiders believe there’s more to come. “The more respected companies that join the BTC rally, the more reputable and wanted of an asset it becomes. Not to mention, those large buyers created somewhat of a shortage in Bitcoin liquidity. The price is only going upwards from this,” said Ray Youssef, co-founder and CEO of Paxful. “This time BTC has not just revisited $20,000 but has gone ahead to rally beyond $22,000. We are noticing more and more BTC (Bitcoin) leaving exchanges across the world, 19% more transfer than the 2017 price increase, which is a signal that investors are holding BTC as long-term investments,” said Vikram Subburaj, co-founder and CEO of Giottus Cryptocurrency Exchange. <div type="Article" hostid="261" msid="76063794" title="Bitcoin hodl waves indicate 60% of the cryptocurrency is being hoarded – analysts suggest a bull run could be in the offing" mstype="2" mssubtype="0"></div> <div type="image" title="Bitcoin 01_01_20 to 17_12_20" msid="79775530" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin&amp;#39;s value crashed in March but since then the surge has become almost impossible to stop&amp;lt;/p&amp;gt;"></div> Investor backing has helped Bitcoin double its value in 2020 The rally in Bitcoin is not just because of a demand-supply gap. Industry sources believe Bitcoin investments from renowned global investors has also stoked the bull rally. Sumit Gupta, CEO and co-founder of CoinDCX said, “Bitcoin breaking above $20,000 is a milestone in a year which saw numerous ups and downs in the global economy. This is mainly due to numerous global renowned investors, institutions putting their weight behind Bitcoin.” Some of the big names investing in Bitcoin recently include billionaire Alan Howard-backed One River Asset Management, insurance giant MassMutual, Ruffer Investment, among others. “With more players joining the bandwagon we will be noticing more price increases in the days to come,” Subburaj further added. Alan Howard’s firm is <a href="https://www.bloomberg.com/news/articles/2020-12-16/bitcoin-whale-surfaces-with-1-billion-and-alan-howard-s-backing">eyeing holdings</a> to the tune of $1 billion in Bitcoin and Ether by 2021. Bringing Bitcoin to the masses Payment giants like Visa, MasterCard, PayPal and even Square have thrown their weight behind Bitcoin and other cryptocurrencies. MasterCard has <a href="https://www.businessinsider.com.au/mastercards-garry-lyons-davos-fintech-mastercardlabs-blockchain-bitcoin-2016-1">invested in Bitcoin company</a> Digital Currency Group, while Visa has launched a credit card that <a href="https://www.businessinsider.in/finance/news/visa-will-offer-a-credit-card-that-rewards-purchases-in-bitcoin-rather-than-cash-or-airline-miles-in-early-2021/articleshow/79533024.cms">rewards purchases in Bitcoin</a>. PayPal has announced that it will allow users to buy and sell cryptocurrencies, giving Bitcoin a big push to the masses. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-winklevoss-twins-said-buying-bitcoin-is-the-trade-of-the-century-and-predicted-a-30x-return-in-a-recent-interview-here-are-the-9-best-quotes/articleshow/79722959.cms">The Winklevoss twins said buying Bitcoin is the 'trade of the century' and predicted a 30x return in a recent interview. Here are the 9 best quotes</a> <a href="https://www.businessinsider.in/stock-market/news/insurer-massmutual-scoops-up-100-million-worth-of-bitcoin-and-billionaire-mike-novogratz-noted-it-as-the-most-important-news-in-crypto-this-year/articleshow/79681890.cms">Insurer MassMutual scoops up $100 million worth of Bitcoin, and billionaire Mike Novogratz noted it as the most important news in crypto this year</a> <a href="https://www.businessinsider.in/stock-market/news/an-incoming-senator-believes-bitcoin-is-a-better-store-of-value-than-paper-money-and-plans-to-teach-congress-how-to-use-it-to-reduce-the-national-debt/articleshow/79744309.cms">An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt</a>

Bitcoin has doubled investor wealth in 2020 — and industry insiders say there's more to come

<ul><li>The cryptocurrency markets witnessed a major upheaval in the week gone by.</li><li>A massive crash in cryptocurrency prices wiped out $1 trillion of wealth, reports suggest.</li><li>Check out everything that happened in the cryptocurrency market last week. </li></ul>The week gone by has seen a lot of upheaval in the world of cryptocurrencies. From China reinforcing its stance against cryptocurrencies to cryptocurrency fans turning against their former idol Tesla’s <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword>, a lot has happened in the span of a few days. Here’s our weekly roundup of the best cryptocurrency news from the week gone by: <cmsannotation type="cmsannotation" annotationid="Is this the third crypto bubble that has burst?" comment="subhead" text="Is this the third crypto bubble that has burst?">Is this the third crypto bubble that has burst?</cmsannotation> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-rally-loses-steam-after-china-reportedly-bans-banks-from-cryptocurrency-business/articleshow/82745554.cms">China’s move to ban</a> financial institutions and payment providers from offering services related to cryptocurrency transactions tanked prices of many cryptocurrencies, including the popular ones like <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, <keyword id="2810876" type="COMPANY" weightage="20" keywordseo="ethereum">Ethereum</keyword>, <keyword id="6359140" type="COMPANY" weightage="20" keywordseo="binance">Binance</keyword> Coin and Dogecoin, among others. And this is not the only piece of news that triggered the fall – Tesla revealed that it will <a href="https://www.businessinsider.in/international/news/tesla-wont-allow-bitcoin-payments-on-cars-anymore-due-to-the-negative-impact-on-the-environment-from-mining/articleshow/82593236.cms">no longer accept Bitcoin</a> as a mode of payment, going back on its earlier <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">announcement</a>. Most of these cryptocurrencies are still reeling from the after-effects of these announcements – Bitcoin is down by 20% over the last 7 days, Ethereum is down by over 30%, Binance Coin is down by over 36% and Dogecoin is down by over 26%. <cmsannotation type="cmsannotation" annotationid="Crypto crash wipes out $1 trillion wealth, over 8 lakh traders liquidated" comment="subhead" text="Crypto crash wipes out $1 trillion wealth, over 8 lakh traders liquidated">Crypto crash wipes out $1 trillion wealth, over 8 lakh traders liquidated</cmsannotation> The crypto crash wiped out $1 trillion investor wealth, according to a media <a href="https://www.reuters.com/technology/bitcoin-ethereum-plunge-crypto-market-cap-losses-nearly-1-trillion-2021-05-19/">report</a>. In addition to this, over 8 lakh traders liquidated their investments, according to data from <a href="https://www.bybt.com/LiquidationData">Bybt</a>, a crypto tracker. <cmsannotation type="cmsannotation" annotationid="Bitcoin falls by over 50% from its all-time high" comment="subhead" text="Bitcoin falls by over 50% from its all-time high">Bitcoin falls by over 50% from its all-time high</cmsannotation> The biggest news, by far, is the snap fall in <keyword id="2125900" type="PERSON" weightage="20" keywordseo="bitcoin-prices">Bitcoin prices</keyword>. Triggered mainly by the China ban, Bitcoin touched a low of $31,000 this week. This is more than 50% decline over the all-time high of $64,000 from mid-April this year. As a result, Bitcoin’s market capitalisation fell under $700 billion for the first time since February, this year. <cmsannotation type="cmsannotation" annotationid="WazirX and its struggles continue" comment="subhead" text="WazirX and its struggles continue">WazirX and its struggles continue</cmsannotation> WazirX continued to feel the heat of sudden surges in traffic in a week that experienced massive buying and selling activity. Despite being one of the largest cryptocurrency exchanges in India, <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-crash-brings-down-binance-wazirx-and-other-exchanges-users-fume-as-orders-fail/articleshow/82793305.cms">WazirX witnessed outage</a> for over an hour on May 19, causing users to vent their frustration on social media. Two weeks prior to that, <a href="https://www.businessinsider.in/stock-market/news/wazirx-users-dogecoin-cryptocurrency-report-failed-transactions-and-delays-in-orders/articleshow/82425709.cms">WazirX faced another outage</a> that resulted in transaction delays and failures. The company says it’s trying to solve this with Project Raftaar, but the results will only be visible once the server upgrades are done. Apart from this, WazirX has now announced that its users will not be able to deposit INR (Indian Rupee) into their accounts. This is likely due to the reported <a href="https://economictimes.indiatimes.com/news/economy/policy/rbi-tells-lenders-to-re-consider-ties-with-crypto-exchanges-traders/articleshow/82602081.cms">informal</a> diktat from the Reserve Bank of India on Indian banking companies. As a result of this, WazirX does not have a banking partner to accept and transfer money, leading to the company not accepting deposits for now. <cmsannotation type="cmsannotation" annotationid="Polygon’s Matic token defies crypto market trends" comment="subhead" text="Polygon’s Matic token defies crypto market trends">Polygon’s Matic token defies crypto market trends</cmsannotation> Polygon’s Matic token, on the other hand, has defied crypto market trends. The token has surged by over 37% in the last 7 days – highest among the over 5,000 cryptocurrencies currently available in the market. As of May 21, Polygon ranks 17th among the world’s largest cryptocurrencies based on market value, which stands at $3.7 billion. Polygon was co-founded by three Indian software engineers – Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. <cmsannotation type="cmsannotation" annotationid="Fake crypto trading apps on the rise" comment="subhead" text="Fake crypto trading apps on the rise">Fake crypto trading apps on the rise</cmsannotation> According to security research firm Sophos, there are over 160 fake apps out in the wild masquerading as crypto trading apps. These apps were found to be impersonating popular apps like Kraken, Bittrex and Goldenway. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-crash-brings-down-binance-wazirx-and-other-exchanges-users-fume-as-orders-fail/articleshow/82793305.cms">Cryptocurrency crash brings down Binance, WazirX and other exchanges – users fume as orders fail</a> <a href="https://www.businessinsider.in/stock-market/news/wazirx-users-dogecoin-cryptocurrency-report-failed-transactions-and-delays-in-orders/articleshow/82425709.cms">Dogecoin surge sends WazirX servers panting for help – users report failed transactions, delays in orders</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-says-bitcoin-can-shake-off-its-bad-climate-reputation-if-top-miners-prove-theyre-using-green-energy/articleshow/82826187.cms">Elon Musk says bitcoin can shake off its bad climate reputation if top miners prove they're using green energy</a>

Crypto roundup, 21 May 2021: Elon Musk effect, crypto crash, Bitcoin prices, $1 trillion wiped out and more

Bitcoin may be more festive with 'digital' gold giving higher returns than the actual yellow metal this festive season

<ul><li>There was a snap crash in cryptocurrencies yesterday evening, wiping out $1 trillion of investor wealth in a few hours.</li><li>Bitcoin, the most widely traded cryptocurrency, plunged to $31,000, less than half of its all-time-high of $64,800.</li><li>Users of major cryptocurrency exchanges like Binance, Coinbase and WazirX were left fuming after the exchanges crashed.</li></ul>Cryptocurrencies across the board crashed yesterday (May 19), wiping out nearly $1 trillion worth of investor wealth in the process. The victims of the cryptocurrency crash were not just users and investors alone – some of the largest crypto exchanges also went down after a major spike in traffic. The list includes big names like Binance, Coinbase, and India’s WazirX, which experienced outages due to a sudden surge in traffic. Bitcoin nearly halved from its peak to touch $31,000, while Dogecoin and Ethereum also registered more than 25% decline. <div type="twitter" handle="HederaStacker" handlename="Akhil Jain" image="http://pbs.twimg.com/profile_images/1394958165569986560/OqH2sJrS_normal.jpg" favoritecount="0" retweetcount="0" status="#wazirxcrash #wazirxdown What the hell I lost money because of you guys I was not able to cancel my sell order and… https://t.co/IdrkBAKFGM" createdat="1621481904000" id="1395222348064706563"></div> WazirX, one of the largest cryptocurrency exchanges in India, was also amongst those who went down due to the massive crash. But it was not the sell-off that brought WazirX down – instead, the spike was a result of users wanting to ‘buy the dip,’ the company said. <div type="twitter" handle="world_xenon" handlename="Xenon World" image="http://pbs.twimg.com/profile_images/1395255128559538177/wh__oX2g_normal.jpg" favoritecount="0" retweetcount="0" status="What's the matter with you guys? You guys are just putting India to shame. Your exchange is a sham. Who is accounta… https://t.co/S8kxxAfaEl" createdat="1621481729000" id="1395221615693074432"></div> ‘Buy the dip’ is a concept wherein traders and investors buy an asset after a fall in its prices, because they view this as an advantageous time to either get in or add to their existing holdings. <div type="twitter" handle="deepakoffline" handlename="Đeepak Bhakoo" image="http://pbs.twimg.com/profile_images/1159148830064959494/7_Xp0KwW_normal.jpg" favoritecount="3" retweetcount="1" status="20 May 2021, 9:04am. @WazirXIndia still not working properly. Please close this exchange #nischalshetty. @ETNOWlive… https://t.co/95QJoB7AXo" createdat="1621481663000" id="1395221338621497345"></div> “We’re seeing approximately 400% more traffic than what we witnessed in the previous month,” WazirX’s founder and chief executive Nischal Shetty told Business Insider. This is not the first time that WazirX has crashed this month – earlier, on May 6, when there was a massive spurt in Dogecoin prices, the <a href="https://www.businessinsider.in/stock-market/news/wazirx-users-dogecoin-cryptocurrency-report-failed-transactions-and-delays-in-orders/articleshow/82425709.cms">platform witnessed a delay in payments</a> and transactions. <cmsannotation type="cmsannotation" annotationid="WazirX not the only one facing outages" comment="subhead" text="WazirX not the only one facing outages">WazirX not the only one facing outages</cmsannotation> However, WazirX is not the only cryptocurrency exchange that crashed during the <keyword id="6214056" type="UNKNOWN" weightage="20" keywordseo="Bitcoin-Crash">Bitcoin crash</keyword> yesterday. Many global exchanges, including Binance – the world’s largest cryptocurrency exchange, also experienced outages. <div type="twitter" handle="TalhaKh26934209" handlename="Talha Khan" image="http://pbs.twimg.com/profile_images/1347845180443873283/di81-NU5_normal.jpg" favoritecount="0" retweetcount="1" status="My future mark price on the trade and the price the market is actually going on are totally different!!! BINANCE FU… https://t.co/q2zfEolxXH" createdat="1621439696000" id="1395045314533359624"></div> Others in the list include Coinbase and Robinhood, according to Downdetector. <div type="image" title="Binance" msid="82793281" hostid="261" caption="&amp;lt;p&amp;gt;Binance on Downdetector&amp;lt;/p&amp;gt;"></div> Shetty said that his company is working on a project to address these issues. “To accommodate the rapidly growing traffic and volume, we’re working on an upgrade for the WazirX trading engine named Project Raftaar. We are on track and the first version should be ready soon,” he added. <cmsannotation type="cmsannotation" annotationid="The reasons behind the crypto crash" comment="subhead" text="The reasons behind the crypto crash">The reasons behind the <keyword id="6873772" type="UNKNOWN" weightage="20" keywordseo="Crypto-Crash">crypto crash</keyword></cmsannotation> Cryptocurrencies across the board saw a major crash after China <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-rally-loses-steam-after-china-reportedly-bans-banks-from-cryptocurrency-business/articleshow/82745554.cms">banned</a> financial institutions and payment companies from enabling or providing any services related to cryptocurrency transactions. But that’s one piece of the puzzle. The other aspect is the impact of Tesla stating that it will <a href="https://www.businessinsider.in/international/news/tesla-wont-allow-bitcoin-payments-on-cars-anymore-due-to-the-negative-impact-on-the-environment-from-mining/articleshow/82593236.cms">no longer accept Bitcoin</a> as a mode of payment, going back on its earlier <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">announcement</a>. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-why-doge-inr-and-doge-usd-prices-can-be-slightly-different/articleshow/82544583.cms">Here’s why Doge-INR and Doge-USD prices can be slightly different</a> <a href="https://www.businessinsider.in/stock-market/news/gland-pharma-ipo-from-2020-has-doubled-its-share-price-in-6-months/articleshow/82732413.cms">A super hit IPO from 2020 has finally doubled investors' money</a> <a href="https://www.businessinsider.in/business/telecom/news/airtels-india-business-is-back-in-the-black-after-a-very-long-time/articleshow/82709100.cms">Airtel's India business is back in the black after a very long time</a>

Cryptocurrency crash brings down Binance, WazirX and other exchanges – users fume as orders fail

<ul><li><keyword id="11973832" type="General" weightage="100" keywordseo="terra" source="Orion">Terra</keyword> has two tokens, calle <keyword id="227563" type="General" weightage="20" keywordseo="ust" source="Orion">UST</keyword> and <keyword id="216973" type="General" weightage="20" keywordseo="luna" source="Orion">Luna</keyword>.</li><li>The UST token is a stablecoin whose price is maintained using the Luna token.</li><li>The value of these tokens have fallen massively in the past month, with Luna approaching zero.</li></ul>Indian crypto exchanges are following their global counterparts, and delisting the stablecoin Luna. At the moment, <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>, CoinSwitch Kuber and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword>, two of the top exchanges in the country in terms of trading volumes, have delisted the beleaguered tokens from their platforms, after prices of the stablecoin fell to nearly zero over the past seven days. The Terra crypto token was trading at around $80 on May 5, according to Coinmarketcap, but its value had dropped by 99.98% to around 5 cents at the time of writing. The platform itself has halted the blockchain, and Coinmarketcap warns users that there’s extreme volatility in the token right now. <div type="image" title="Coinmarketcap" msid="91539406" hostid="261" caption="&amp;lt;p&amp;gt;Coinmarketcap&amp;lt;/p&amp;gt;"></div> “The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come,” the company <a href="https://twitter.com/terra_money/status/1524935730308456448?s=20&amp;t=HUw6QhpFELqLyf3MXLlALQ">tweeted</a> through the Terra Twitter account, today. The token’s market cap has fallen from $30 billion to around $6 million in the meanwhile. <cmsannotation type="cmsannotation" annotationid="What is the Terra token and why did it fall?" comment="subhead" text="What is the Terra token and why did it fall?">What is the Terra token and why did it fall?</cmsannotation> The Terra ecosystem has two tokens, UST and Luna. Through a process called arbitrage, the Luna token is used to keep the UST stablecoin’s value pegged to one dollar. Through this, the company was able to keep the price of UST pegged to a dollar, while it earned profits through Luna, and also didn’t have to keep a reserve of USD at all times. The platform’s in-built algorithms track supply and demand of UST and Luna, and are designed to balance the two systems. The system sort of disintegrated earlier this month, when a broad sell-off of both UST and Luna tokens by investors led to big drops in both their prices. The developers of the Terra blockchain announced, at the time, that they would start buying Bitcoin in order to build a reserve for themselves. This, evidently, didn't work. <cmsannotation type="cmsannotation" annotationid="What happens to your Luna tokens?" comment="subhead" text="What happens to your Luna tokens?">What happens to your Luna tokens?</cmsannotation> To be sure, the Luna and UST tokens were both pretty cheap in INR terms, when compared to top cryptos like Ethereum and Bitcoin. The two cryptocurrencies, hence, may have been purchased by many in India as well. At the moment, the Terra blockchain has been halted, which means that trading in these tokens will not be possible, even through P2P trading. That said, some exchanges will allow users to withdraw the fiat values of these tokens. “We will enable Binance free transfer for users to withdraw their Luna funds," WazirX said in a statement on May 13, for instance. The platform is delisting Luna/USDT, Luna/WRX and Luna/INR pairs. CoinDCX, too, has said that it’s delisting both UST and Luna tokens with immediate effect. “Kindly note that users can continue to trade the above assets using other trading pairs available on CoinDCX Pro and CoinDCX Web Platform," the company said in a statement. On the other hand, CoinSwitch Kuber said that it will have “enabled a window” for users to sell and recover “some value” from their investments. The window will close at 5pm on May 13. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/last-day-to-apply-for-delhivery-ipo-grey-indicates-a-discounted-listing/articleshow/91526799.cms">Last day to apply for Delhivery IPO; grey indicates a discounted listing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-market-crash-how-an-algorithmic-stablecoin-differs-from-traditional-stablecoins/articleshow/91519914.cms">Crypto market crash — How an algorithmic stablecoin differs from traditional stablecoins</a>

WazirX, CoinDCX and CoinSwitch Kuber delist Terra's stablecoins from their platforms

In the past year, cryptocurrencies have come into their own. In India, investments in crypto have grown from $200 million to nearly $40 billion — a growth of over 200 times in the past year — according to data by Chainalysis. And, it’s not just Bitcoin leading the charge. Other cryptocurrencies like Ether, Matic, and Doge are also a part of the hype despite the Indian Government and the central bank treading caution. With countries like El Salvador legalising Bitcoin, more countries could join the bandwagon. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;"><cmsannotation type="cmsannotation" annotationid="Trading cryptocurrencies" comment="subhead" text="Trading cryptocurrencies">Trading cryptocurrencies</cmsannotation> </h3>If you want to invest in cryptocurrencies in India, but don’t know where to begin, then understanding the basics, like opening a cryptocurrency trading account on India’s largest crypto exchange <a href="https://wazirx.com/">WazirX</a>, is probably a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">good place to start</a>. The easy way to dip your toe in the market is by buying Bitcoin from a crypto exchange like WazirX, which is backed by Binance - the world's largest crypto exchange. Crypto exchanges are similar to stock exchanges in the sense that they let you buy or sell tokens in real-time. However, unlike a stock exchange, crypto exchanges are self-regulated, and they operate 24x7, throughout the year. And, you don’t need to buy a full <a href="https://blog.wazirx.com/how-to-buy-bitcoin-in-india/">Bitcoin</a> in order to trade in india. You can buy or sell fractional shares of Bitcoins. WazirX offers a minimum capital requirement as low as ₹100. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;"><cmsannotation type="cmsannotation" annotationid="How to open a crypto trading account on WazirX" comment="subhead" text="How to open a crypto trading account on WazirX">How to open a crypto trading account on WazirX</cmsannotation></h3><ul><li>Download the WazirX app from the <a href="https://play.google.com/store/apps/details?id=com.wrx.wazirx&amp;hl=en_IN&amp;gl=US">Play Store</a> (Android) or <a href="https://apps.apple.com/in/app/wazirx/id1349082789">App Store</a> (iOS) or sign up directly from the website to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">create an account on wazirx</a>.</li><li>Open the app and you’ll be asked to log in or sign-up. Tap the sign-up option.</li><li>Enter your email address and desired password.</li><li>A confirmation email will be sent to your email ID. Go to your email inbox and tap on the link to verify your email.</li></ul> <div type="image" title="WazirX Image 1" msid="84373036" hostid="261" caption="&amp;lt;p&amp;gt;How to open a crypto trading account on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>The app will now prompt you to select your desired security options. One can choose the proven method of using your mobile number, where a one-time password (OTPs) will be sent to you via SMS. WazirX does give you the option to skip this step altogether, but that will leave your account without any added security.</li><li>Additionally, the app has an inbuilt passcode system that can add a layer of protection against snooping eyes.</li></ul><cmsannotation type="cmsannotation" annotationid="How to complete your account’s KYC on WazirX" comment="subhead" text="How to complete your account’s KYC on WazirX">How to complete your account’s KYC on WazirX</cmsannotation> <ul><li>Now you will be prompted to select your country of residence. WazirX currently serves only the Indian market and its official currency is the Indian Rupee.</li><li>Here, you can then select whether to skip KYC or continue with it. However, withdrawals or peer-to-peer transactions are not available without an approved KYC. </li></ul> <div type="image" title="WazirX Image 2" msid="84373087" hostid="261" caption="&amp;lt;p&amp;gt;How to complete your account&amp;#8217;s KYC on WazirX&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> <ul><li>To complete KYC, just enter your name, address, date of birth, and a copy of your identity card - government-issued Aadhaar Card and PAN card are necessary. You will be able to just take a picture of the document within the app. </li><li>Once the credentials are uploaded, you’ll hear back from the exchange in the next few days with a confirmation. Once received, you’re all set and the account is fully ready for your first transaction.</li></ul><cmsannotation type="cmsannotation" annotationid="How to buy cryptocurrencies on WazirX" comment="subhead" text="How to buy cryptocurrencies on WazirX">How to buy cryptocurrencies on WazirX</cmsannotation> <ul><li>Once your account is all set up, you will be able to trade and invest in cryptocurrencies. </li><li>You can visit the ‘’Quick Buy’ menu to instantly purchase new tokens like Bitcoin, Ethereum, and more.</li></ul> <div type="image" title="QuickBuy" msid="84373166" hostid="261" caption="&amp;lt;p&amp;gt;How to use the &amp;#39;QuickBuy&amp;#39; feature on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>Within the ‘Exchange’ menu, you can see the price of different cryptocurrencies against different bases. In addition to the Indian rupee, you can see the available exchange rates against the USD dollar, Tether — a stable coin based on the dollar — and against WazirX’s own token, the WRX.</li></ul> <div type="image" title="WazirX Image 3" msid="84373200" hostid="261" caption="&amp;lt;p&amp;gt;How to buy cryptocurrencies on WazirX&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="How to add money to your cryptocurrency account on WazirX" comment="subhead" text="How to add money to your cryptocurrency account on WazirX">How to add money to your cryptocurrency account on WazirX</cmsannotation> <ul><li>In order to actually purchase any cryptocurrency, you will need to deposit funds within the exchange. You can transfer Indian Rupee (INR) from your bank account to WazirX via UPI, which is directly from your bank account. </li><li>To do so, tap the “Funds” tab, then select INR. You’ll see a statement of your deposits or withdrawals.</li><li>Simply select “Deposit” and select how you’d like to fill up the wallet.</li><li>The UPI option prompts you to enter the desired amount, followed by your UPI VPA address. You need to go back to your payments app to authenticate the transaction. </li><li>It will take a few hours for WazirX to verify your account and get it ready to transfer funds. </li></ul> <div type="image" title="WazirX Image 4" msid="84373216" hostid="261" caption="&amp;lt;p&amp;gt;How to add money to your cryptocurrency account on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>The minimum amount that a user can deposit is ₹100. </li><li>Deposits will be charged a fee of 0.2%. So, if you transfer ₹100 — you will be charged ₹2 as fees for that transaction. </li><li>And, it may take up to 72 hours for the funds to reflect in your account once the transaction has gone through. </li><li>A total balance of all your holdings is visible in the ‘funds’ tab, on the bottom right corner of the screen.</li></ul>WazirX has a host of cryptocurrencies, each having its own unique selling point. Investing in cryptocurrencies is easier than ever and barely takes a couple of minutes to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">open an account</a>. There are no charges for signing up. Disclaimer: This is a sponsored article in partnership with WazirX <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">South Korean banks are creating custody companies to deal with cryptocurrencies — without having to touch the asset itself</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-became-the-first-country-to-accept-bitcoin-as-legal-tender/articleshow/84343294.cms">El Salvador’s crypto-friendly plans are facing some important questions</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-world-bank-imf-and-bis-push-for-central-bank-cryptocurrencies-to-improve-cross-border-payments/articleshow/84345332.cms">The World Bank, IMF and BIS push for central bank cryptocurrencies to improve cross-border payments</a>

How to open a crypto trading account in India?

<ul><li>The <keyword id="13457343" type="General" weightage="20" keywordseo="celo-project" source="Orion">Celo project</keyword> is designed to be carbon neutral and uses the proof-of-stake consensus system.</li><li><keyword id="6519775" type="General" weightage="100" keywordseo="celo" source="Orion">Celo</keyword> is a DeFi project that targets users with smartphones.</li><li>Celo also includes stablecoins, backed by various <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> assets.</li></ul>Decentralized finance plays an important role in the future of web3, or the third generation of the Internet. However, companies have found it difficult to get DeFi projects into the hands of mainstream users. That’s where a project called Celo comes in. With their mainnet having launched back in 2020, the Celo project is a blockchain ecosystem that aims to connect cryptocurrencies to smartphone users. It gives people the ability to send money to anyone from their smartphones, using a decentralized network and smart contracts. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx"><keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">wazirx</keyword></cmsannotation> <cmsannotation type="cmsannotation" annotationid="How does the Celo project work?" comment="subhead" text="How does the Celo project work?">How does the Celo project work?</cmsannotation> The <a href="https://celo.org/">Celo</a> project has three main components, all of which have been built from scratch, according to its developers. This includes the core blockchain software, Celo’s core libraries and the apps, which act as the end-user applications that smartphone users will use to make payments. Most interestingly, Celo isn’t meant for the most savvy smartphone users. Instead, the project targets those with low-end smartphones and poor internet connections, making it important for developing countries like India. The project uses people’s phone numbers as public keys, instead of the difficult to remember 256 bit keys that are usually used in the crypto ecosystem, which should lower the entry barrier significantly. The project’s token, called CELO, is also based on the proof-of-stake (POS) system, which makes it more environmentally sound than those using proof-of-work (POW) systems. The Celo project uses the token for paying transaction fees and participation in governance operations. The platform also has 3 native stablecoins, called the Celo Dollar (cUSD), Celo Euro (cEUR) and the Brazilian Real (cREAL). The stablecoins are backed by the CELO token and a basket of other crypto assets, which includes Bitcoin and Ether. <cmsannotation type="cmsannotation" annotationid="Advantages of the Celo project" comment="subhead" text="Advantages of the Celo project">Advantages of the Celo project</cmsannotation> The big advantage of the Celo project, of course, is its mobile-first nature. The fact that the platform targets not only smartphone users but the low-end smartphone users could be an important step for increasing the adoption of cryptocurrencies. But being designed for low-end smartphones also means that the DeFi platform has to be ready for slower Internet connections. As a result, the Celo project is designed to be extremely fast, allowing its clients to synchronise the blockchain in the shortest time possible and complete database lookups in short time frames. It’s designed to overcome problems like high latency and low bandwidth, which are often associated with users of low-end smartphones. Further, Celo is also environmentally sound, having been designed on the POS consensus system. It is also part of the Climate Collective, a coalition of companies that aim to collaboratively build “at the intersection of web3 and climate action”, according to Celo’s website. “Through grant funding, member partnerships, and community education, we support a range of impactful products and interoperable protocols that progress the Regenerative Finance (“ReFi”) ecosystem,” the website <a href="https://climatecollective.org/">says</a>. <cmsannotation type="cmsannotation" annotationid="How to buy Celo?" comment="subhead" text="How to buy Celo?">How to buy Celo?</cmsannotation> The CELO token is listed on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-advertorial">WazirX</a> and can be bought, sold, and traded on both the INR and USDT markets. At the time of writing, the token was priced at ₹238. The token is part of WazirX’s Rapid Listing Initiative, which brings more tokens to the exchange fast. The crypto exchange has also partnered with the Celo Foundation to give away ₹40,00,000 worth of Celo tokens. The <a href="https://wazirx.com/blog/celo-inr-giveaway/">giveaway</a> will run till March 31 and will include a trivia contest, quiz, and highest trader kaun marathon. Disclaimer: This is a sponsored post in partnership with WazirX. Cryptos are unregulated virtual assets, not a legal tender, and subject to market risks.

Here’s why Celo project is gaining ground and it has a lot to do with DeFi projects and web 3.0

<ul><li>According to media reports, an unofficial guidance from the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has put banks and lenders on the edge.</li><li>There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them.</li><li>Industry executives have said that they are working to get more bank partners onboard.</li></ul><keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">exchanges</a> in India have been blocking deposits in Indian rupee for just about a week now. Two of the top exchanges — WazirX and Coinswitch Kuber — informed users that the last payment methods they had, PayTM, would also be shut down from May 20th onwards. Of course, these two aren’t the only ones who have been having troubles taking deposits from Indian users, platforms like Zebpay and Unocoin have also had to block all rupee deposits over the past few days. Why are rupee deposits not working? According to media reports, an unofficial guidance from the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has put banks and lenders on the edge. The informal communication from the RBI affected the already rocky relationship <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto companies</a> and exchanges had with banks in India, and many banks started shutting down their bank accounts. “If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after 11:59 p.m IST, it will revert to your source bank account within 7-10 business days,” WazirX said in an official communication to users on May 20. When you make a deposit to any exchange, the money goes from your bank to a payment processor (also called a payment gateway), which then sends it to the <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword>’s bank account. In the current situation, you are free to make a transaction through UPI etc, but there are no accounts to receive that money on the other end. As a result, the transaction fails for all intents and purposes, and it takes days and even weeks to reverse the trail of cash back to your account. Can banks do this without an official directive? It’s just like a restaurant can reserve the rights of admission for its guests, banks can choose not to do business with any entity. This is why banks can stop doing business with crypto companies despite the Supreme Court striking down the RBI’s official directive in March last year. The RBI guidelines have simply put them on the edge, and they’re choosing not to lend money, fearing what future regulations might lead to. There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them. While India’s crypto industry has done well over the past year, it’s unlikely that crypto companies will want to take on expensive lawsuits right now. Industry executives <a href="https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html">have said</a> that they are working to get more bank partners onboard. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-enthusiasts-now-hate-elon-musk-launch-a-new-cryptocurrency-called-stopelon/articleshow/82829354.cms">Crypto enthusiasts now hate Elon Musk; launch a new cryptocurrency called StopElon</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/a-massive-crash-in-cryptocurrency-prices-wiped-out-1-trillion-of-wealth-reports-suggest/articleshow/82829155.cms">Crypto roundup, 21 May 2021: Elon Musk effect, crypto crash, Bitcoin prices, $1 trillion wiped out and more</a>

Users not able to deposit money on Indian crypto exchanges right now, as banks get cold feet

<ul><li>The former governor of the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>), <keyword id="6358908" type="General" weightage="20" keywordseo="raghuram-rajan" source="Orion">Raghuram Rajan</keyword>, believes that only a handful of <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword>currencies will survive the crypto hype.</li><li>Over 400 coins have hit the dust since April, translating to a 20% increase in six months.</li><li>Aritra Sarkhel, the Direct of Public Policy at the Indian crypto exchange WazirX, told Business Insider that it is a point of concern that there no laws on how and who can mint a new coin.</li></ul>The former governor of India’s central bank, Raghuram Rajan, believes that only a handful of cryptocurrencies will survive in the long run. In an interview with CNBC, he compared cryptocurrencies to chit funds — in the sense that they take money from people before going bust, leaving a line of disappointed investors in their wake. <div type="ExtQuote" text="Crypto may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved." auname="Former RBI governor, Raghuram Rajan, said in an interview with CNBC"></div> According to <a href="https://www.coinopsy.com/dead-coins/#other">Coinospy</a>, a website that tracks <keyword id="12608232" type="General" weightage="20" keywordseo="dead-coins" source="Orion">dead coins</keyword>, over 2,000 coins have come and gone since the very first cryptocurrency, Bitcoin, was created in 2009. OneCoin and BitConnect, for instance, used money from new investors to pay returns to existing holders — much like the Sahara Group Chit Fund Scam, which is one of the biggest corporate scams in India’s history. A more recent example is Squid Game token. In a ‘<a href="https://www.businessinsider.in/cryptocurrency/news/squid-game-cryptocurrency-trading-at-to-0-scammers-make-2-1-million/articleshow/87479063.cms">rug pull</a>’ scam, the developers took the project offline once it hit a price of $2,861, making off with over $2.1 million. In April, Coinospy reported that the number of coins to hit the dust had grown by over 35% as compared to the previous year with the tally at 1,949. Since then, that number has grown to 2,345 — a 20% increase in six months. <cmsannotation type="cmsannotation" annotationid="The lack of regulation leaves space for fraud" comment="subhead" text="The lack of regulation leaves space for fraud">The lack of regulation leaves space for fraud</cmsannotation> Experts have often talked about the need of balancing innovation versus regulation when it comes to crypto space. And, one of the main concerns is how to foster good use cases and filter out those that are fraudulent. “There are no laws to keep anyone from making a new coin. In a way, that’s good because that’s how innovation spreads, but there has to be some law. All of this has investors money [at stake] — whether it’s a 20 year old investor putting in ₹1,000 or a massive hedge fund putting in millions,” Aritra Sarkhel the Direct of Public Policy at the Indian crypto exchange WazirX, told Business Insider during a discussion on regulation in India. <div type="Youtube" id="f-xWw1y6G24" title="The Framework: Crypto Regulation And India" thumbUrl="https://i.ytimg.com/vi/f-xWw1y6G24/mqdefault.jpg"></div> According to Rajan, blockchain technology itself is not the enemy. Despite the regulatory challenges, he believes that the Indian government should allow blockchain to flourish because it makes transactions cheaper, especially when it comes to cross border payments like remittances. But, that doesn’t mean the government should turn a blind eye either. “What governments can insist on is getting information from crypto entities, when crypto entities get too big, the government can examine them more closely to ensure there isn’t fraud,” he told CNBC. <cmsannotation type="cmsannotation" annotationid="Indian amid forming its own laws to regulate cryptocurrencies" comment="subhead" text="Indian amid forming its own laws to regulate cryptocurrencies">Indian amid forming its own laws to regulate cryptocurrencies</cmsannotation> The Indian government is <a href="https://www.businessinsider.in/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">expected</a> to discuss its own crypto regulations during the Winter Session of Parliament, which will kick off next week on November 29. No official draft of the proposed crypto bill has been shared with the public yet, however the agenda lists the crypto bill as one that will provide a framework for a central bank digital currency (CBDC) and ‘prohibit’ the use of ‘private’ cryptocurrencies subject to certain ‘exceptions’. <div type="image" title="crypto bill agenda" msid="87913982" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s crypto bill is listed to come up for discussion during the Winter Session of Parliament in the lower house, the Lok Sabha, which kicks off on November 29&amp;lt;/p&amp;gt;"></div> The vague wording of the bill’s introduction led to panic selling on Indian crypto exchanges leading to a <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">cryptocurrencies trading at a discount</a> in INR as compared to the US dollar. “While there are speculations that the government would impose a blanket ban on all private cryptocurrency, it doesn’t seem practical on account of various considerations,” explained L. Badri Narayanan, an executive partner at law firm Lakshmikumaran and Sridharan Attorneys. According to him, a ban would not be technologically enforceable since blockchains need cryptocurrency to function. Moreover, those who want to trade or invest in cryptocurrencies would just find another way to do so and inevitably create a grey market. “Bans only send folks underground. All technologies have pros and cons. We should work towards creating policies for managing the ills while reaping the benefits,” Dr.Sarabjot Singh Anand, the director of computer science and engineering at the BML Munjal University’s School of Engineering &amp; Technology, told Business Insider. The crypto bill had earlier been listed for discussion during the <a href="https://www.businessinsider.in/finance/news/indian-cryptocurrency-players-in-huddle-as-government-mulls-ban/articleshow/80610668.cms">Budget Session of Parliament</a> in February, however, it did not come to fore due to lack of time and the second wave of COVID-19. This time around those within the crypto community are hoping that won’t be the case with multiple closed-door discussions between stakeholders and the Ministry of Finance in the last 10 months. “Parliamentarians are a lot more informed than they were in February or last year. You will likely see a debate, and a healthy one. Also, there are other bills and business listed in Parliament — and it all depends on how much time the government spends on other items, which are also important,” the CEO of the advocacy group IndiaTech — which has been advising the Indian government on crypto regulation — Rameesh Kailasam, told Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/heres-a-quick-look-at-how-the-evolution-of-cryptocurrencies-has-played-out-in-india/slidelist/87902549.cms">India’s crypto regulations have been caught in limbo — here’s how the past few years have played out</a> <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">FUD takes over Indian crypto markets after government lists crypto bill for discussion</a> <a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency</a>

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