WazirX, the Binance Blockchain-based cryptocurrency exchange serving Indian users, was in a confluence after the government’s “vague” statements. Statements that led to panic selling increased the price of altcoin WRX by 50%. Here are the details…
New terms set for Indian crypto investors
Indian crypto investors will reportedly be given a specific time frame to declare their crypto investments, after which they must hold their holdings on SEBI regulated crypto exchanges. According to local media reports, India will not act to ban crypto entirely and will instead regulate the industry. The news sparked panic selling on crypto exchange WazirX, with the government’s lack of disclosure splitting investors over cryptocurrency prospects in India. However, Indian news outlet NDTV reported on December 2 that it received details of a circulating cabinet memo regarding the proposed crypto bill in the government. NDTV correspondent Sunil Prabhu said the memo includes proposals to regulate cryptocurrencies as cryptocurrencies, with the Securities and Exchange Board of India (SEBI) overseeing the regulation of local crypto exchanges.
According to Prabhu, investors will be given a specific time frame to declare their cryptocurrencies and have to transfer them to SEBI-regulated exchanges, suggesting that private wallets may be banned. He added that this is part of the government’s push to prevent money laundering and terrorist financing. Prabhu also said that the government will suspend plans for a central digital bank currency (CBDC) with the Reserve Bank of India (RBI) while focusing on the crypto sector.
What happened in the price of altcoin WazirX (WRX)?
After the government statements above, WazirX users went into panic selling and the stock market started to get busy. This increased the price of the exchange’s cryptocurrency WRX by 50%. WazirX, a part of the Binance ecosystem, continues the upward momentum it gained on December 2 today. It has moved up 15.93% in the last 24 hours, reaching $1.41.
Erhan Ünal reported that WazirX (WRX), which is in the altcoin basket, rose with the news. Unal’s WRX cost $1.21, he says, reaching $1.82 before the correction. cryptocoin.com Do not forget to take a look at the analyzes of Erhan Ünal that we have prepared as…
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.