India is ready to proceed with a ban on cryptocurrencies, following the example of China. The relevant bill is in the process of being drafted and is expected to be put to a vote in the coming days.
The news led to an immediate drop of several cryptocurrencies. Bitcoin fell 13% in the Indian exchange WazirX, while Shiba Inu and Dogecoin fell more than 15%. However, experts estimate that India’s decision will have little impact.
“Even when China banned cryptocurrencies – and that was huge news – it did not destroy crypto markets. Governments take very different approaches to how they see it. As a threat (China), as an opportunity (El Salvador) or something in between. China wants to get rid of all digital currencies except what it creates. He wants to dominate cryptocurrencies and it seems that the Indian government has the same idea. “They think that if China does, then so can we,” said Glen Goodman, author of The Crypto Trader.