Cryptocurrencies on Tuesday

India is not only the home to the second-largest population, but also its economy is one of the biggest in the world. India is one of the best-known technology hubs. This creates favorable conditions for cryptocurrencies.

Nevertheless, the Indian government can alter the plans of the local crypto community. Indian lawmakers are currently working on the draft legislation which can seriously affect Indian companies and individuals. It is not a secret that the lack of regulations is often cited as the main problem of the cryptocurrencies.

According to the proposed law person can receive a 10-year prison sentence for crypto mining. It will also become illegal to buy or to sell cryptocurrencies as well as other activities associated with the digital currencies.

It means that this law will practically criminalize this emerging market. Nischal Shetty, who is the CEO of the cryptocurrency exchange WazirX made a comment about this law. He said that more than 5 million Indians own digital currencies. It means after approving this law crypto owner will have to quit the digital currency market. Indian lawmakers should realize that “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” is a step backward for the Indian economy.

Digital currency news

Bitcoin’s price fell to $10.100. There is a chance that the price of Bitcoin may even fall below $10,000.

On Tuesday, Ethereum broke the resistance level, and its price reached $197.86. It was very close to surpassing the $200. Ethereum may even reach $205 or more if it is going to break above $205 level.

Another news connected with cryptocurrencies is the price of Litecoin. On September 17, Litecoin’s price was more than $72, more precisely $72.69.

The Indian lawmakers should scrap this draft legislation as soon as possible. Otherwise, the country will suffer reputational as well as financial problems due to this law.