Two major digital assets were rising on Thursday amid optimism that the new rules for cryptocurrencies planned by the Indian government will be less than an outright ban.
Both bitcoin and ether came under pressure on Wednesday, as markets reacted to India’s intention to ban most cryptos as part of plans to introduce a digital currency regulated by its central bank. The government has already tabled a bill to this effect for consideration in the parliamentary session beginning on November 29.
According to the bulletin, the bill seeks to “ban all private cryptocurrencies in India, however, it allows certain exceptions to promote cryptocurrencies and the technology underlying its use.” Posted Tuesday on Parliamentary website,
But not everyone is so pessimistic about how this could happen.
“I believe we will have some sort of consistent regulation, but on the tough side,” said Avinash Shekhar, co-CEO of Zebpay-an Indian cryptocurrency exchange-told CNBC Thursday,
Shekhar told the media outlet that “a lot of positive vibes have come from the government.”
“We met with the Finance Committee of Parliament about two weeks ago,” the crypto executive said. “The message or sentiment we are getting from the government is that they are looking for some sort of regulation – stricter regulation, but not a complete ban.”
bitcoin, the biggest crypto With a market capitalization of $1.1 trillion, up 4% on Thursday to nearly $58,700, having climbed above Wednesday’s low of $56,000, According to price data from CoinDesk, Bitcoin has fallen about 15% from its all-time high of around $69,000 earlier this month.
Ether, the second largest digital asset, Similarly 4% was higher up to $4,450, but remains down more than 8% from its record high of $4,900 at the beginning of November.
The global rise in bitcoin and ether was even more pronounced in the Indian cryptocurrency markets, where both digital assets rose over 9% on Thursday. vizier, a domestic crypto exchange.