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Centre's plan to ban cryptocurrencies leads to heavy selling: Report
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livemint.comPlans by the Indian government for a new bill that would bar most private cryptocurrencies has triggered heavy selling in the country's digital currency markets, as investors look to exit positions despite the losses, said traders and investors.
The government will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda released late on Tuesday for the winter session of Parliament set to start this month.
The bill, if passed, would effectively ban citizens in India from transacting in most cryptocurrencies.
The dollar-linked stable coin tether (USDT) slumped 25% to nearly 60 rupees ($0.8061) on Wednesday after news of the bill, according to Naimish Sanghvi, a cryptocurrency
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