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On Wednesday, Blockworks reported on language in a recent bill before India’s parliament that mentioned a ban of all “private cryptocurrency”. Local media in the country have now confirmed with their government sources that the government’s intent is something different.
According to a local CNN Affiliate in-country, the government intends to regulate crypto and is primarily concerned with its use in the underground economy and terror financing. A wholesale ban is not in the works.
Since then, the panic selling has subsided and prices have leveled out.
A report from Bloomberg also said that the government isn’t planning a wholesale ban, but may consider limiting the accessibility of exchanges to accredited investors.
Globally, the price of bitcoin has remained steady at $57,984 down 2.4% over the last 24 hours according to CoinGecko.
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