Thursday, Dec 01, 2022
×
Outlook.com
×

Crypto Bill May Not Be Introduced in Parliament; IMF Warns Of Risks For Emerging Economies

Crypto Bill May Not Be Introduced in Parliament; IMF Warns Of Risks For Emerging Economies

The proposed cryptocurrency bill may not be introduced in Parliament’s Winter Session due to ongoing discussions. IMF raises concerns on the risky nature of cryptos. Bitcoin, Ethereum continue to trade at a premium.

The proposed cryptocurrency bill may not be introduced in the Winter Session of Parliament as planned, according to a report by Economic Times, citing a senior government official.

Following a warning by the International Monetary Fund (IMF) about the risks associated with cryptocurrencies and ahead of the US Federal Reserve meeting about tapering of the fiscal stimulus, major crypto(s) like Bitcoin (BTC), Ethereum (ETH) and others continue to trade at a premium.

Bitcoin briefly fell below the physiological level of $47,000 to trade at $46,499.87, but recovered soon and was trading with gains of 1.96 per cent at $48,014.17 as of 8.40 am, showed coinmarketcap.com data. BTC’s market cap now stands at $9,07,52,50,88,615.

Ethereum has corrected from its day’s low of $3700.1 to trade at $3824.91 as of 8.42 am, indicating a rise of 0.85 per cent in 24 hours. Ether’s market cap is now $4,54,63,53,53,128.

The prices of some other major coins have shown mixed movement. Binance Coin (BNB) was trading at $525.12, indicating a fall of 0.17 per cent in the last 24 hours. Cardano (ADA) was at $1.25, indicating a gain of 1.64 per cent, while Solana’s (SOL) prices surged 3.43 per cent to $159.46.

 

Meme Coins

Dogecoin (DOGE) has seen a massive spike in its prices after Tesla CEO Elon Musk’s tweet that said that Tesla will start accepting DOGE payments for merchandise bought by its customers. Following this tweet, DOGE’s prices surged by 20 per cent to $0.2196. However, as of 8.55 am, it eased its gains a bit to trade at $0.1833.

Dogecoin’s closest Rival Shiba Inu is up by 0.58 per cent to $0.00003368.

Dogelon Mars (ELON) is up by 4.59 per cent to $0.000001168, Floki Inu is up by 5.89 per cent to $0.0001457, and Samoyed Coin is up by 8.85 per cent to $0.03956.

 Latest Updates

The Indian Government is considering making some changes to the crypto bill which was to be introduced in the ongoing Winter Session of Parliament, according to a report in Economic Times. "After several rounds of discussions at the highest levels, it was felt that any legislation surrounding cryptocurrency must be in tandem with a global framework which is still evolving. It might be a better strategy to wait and observe how this space evolves globally," a senior government official told ET.

Meanwhile, the International Monetary Fund (IMF) has warned of the risks posed by cryptocurrencies, especially in emerging and developing countries, and has suggested coordinated action to put in place global standards, reported Times of India.

Advertisement
Advertisement
Advertisement