The Cryptocurrency sector may take a hit in India as the government is likely to impose a ban on all private cryptocurrencies as a payment method amid concerns over such currencies being allegedly used for luring investors with misleading claims and for funding terror activities.
The Centre is also likely to introduce a bill to regulate cryptocurrencies during the winter session of Parliament beginning November 29. As RBI governor Shaktikanta Das continues to express concerns over cryptocurrency, here are some of the top cryptocurrencies in India that are likely to be banned.
Priced at Rs 47,11,887, Bitcoin is the most popular cryptocurrency in India. It is one of the longest living cryptocurrencies, valued the highest, along with a finite supply like gold. Proponents even refer to Bitcoin as the ‘gold standard’ of cryptocurrencies. Notably, Bitcoin makes up 46% of the crypto market capitalization globally.
The second most valuable cryptocurrency in the world, the Ether token is based upon the Ethereum blockchain and is priced at Rs 3,21,300 in India. One must own Ether or other tokens derived from it to take part in high-value trades including non-fungible tokens (NFT), decentralized finance (DeFi), and decentralized applications (DApps).
Shiba Inu is a token-based upon the Ethereum blockchain. In India, it shot to fame when $1 billion dollars’ worth of SHIB was donated to India’s COVID-Crypto Relief Fund in May 2021 by Ethereum founder, Vitalik Buterin. The price for Shiba Inu tokens is Rs 0.00428
Dogecoin, which was created as a parody, is currently the tenth most valuable cryptocurrency in the market. Launched in 2013, it was actually the first currency to have a Shiba Inu dog as its mascot. Dogecoin is priced at Rs 20 in India.
Currently, there are no particular regulations or any ban on the use of cryptocurrencies in the country. Prime Minister Narendra Modi on Saturday, held a meeting on the cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.