The biggest cryptocurrency on market dipped 7.4%. Ether, the second-largest token fell 8.2% and Polkadat, also known as altcoins, led to a downturn in smaller-cap tokens.
India’s initial policy response was to ban cryptoassets. Now it appears to be moving towards regulating them. But there is no clarity on the contours of the proposed law.
Bitcoin lost over 12% Friday and dropped below $36,000. Since its peak last year in November, it has lost over 45% of its value. Ether & meme coins are mired in similar drawdowns.
The cryptocurrency dropped to as low as $42,505 in early Asia trading on 6 January; the lowest since it touched $42,296 during a weekend crash at the start of December 2021.
Swadesh Jagran Manch asks RBI to launch its own digital currency, says in resolution that virtual currencies damage financial market, help evasion of taxes.
Sitharaman said the Modi govt doesn't collect data on Bitcoin transactions. Centre plans to introduce cryptocurrency bill that seeks to ban all but a few private cryptocurrencies.
The revenue generated from cryptocurrencies can be an incentive for the Modi government to allow this trade with restriction rather than ban it and lose the 'sin tax'.
Karnataka CM claimed after last week's meeting with PM that while bitcoin scandal was discussed, Modi told him to 'not worry'. Now ministers say PM sought clarifications.
Congress has trained guns on BJP over the alleged bitcoin scam in Karnataka. But CM Bommai has described it as a non-issue and prime suspect wants journalists to 'chill'.
Pakistan must reduce non-productive expenditures like defence. The country's political economy has been overdetermined by the imperative of 'national security'.
Aim is to ensure not just disengagement of troops, but overall de-escalation. Govt in favour of solving tensions through talks as it wants peace with all neighbours including China.
Like the car, nothing the party has done to reinvent itself has worked. Only way forward is to offer something looking towards the future, not in image of glorious past.