Bitcoin (BTC) Slips Nearly 10% from Its All-Time High Above $61K As India Proposes Crypto Ban

Last Saturday, March 13, the Bitcoin (BTC) price climbed all the way to its new all-time high of $61,600 entering the price discovery zone. However, it seems that BTC hasn’t been able to hold up much above $60K and has slipped nearly 10% from its all-time high as of now.

At press time, Bitcoin (BTC) is trading at a price of $56,171 with a market cap of $1.04 trillion. The latest BTC price correction comes amid India planning to ban crypto trading and any other miner-related activity in the country.

A senior official from the Government of India told Reuters that India will propose a law banning digital currencies, or fining anyone in the country who trades in digital assets. The Reuters report states: “The bill, one of the world’s strictest policies against cryptocurrencies, would criminalize possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan”.

The Indian government and central bank has been for long mulling a ban on digital currencies. On the other hand, India is also looking to develop its own central bank digital currency.

In case, if India passes the official legislation to ban crypto, it will give investors around 6 months to liquidate their holdings post which penalties would be levied said the official who asked not to be named.

However, during the recent India Today Conclave, Indian Finance Minister Normal Sitharaman suggested the possibility of not having a complete ban on cryptocurrencies. During the interview, Sitharaman said: "My view on this is that of course the Supreme Court had commented on cryptocurrency and while the RBI may take a call on official cryptocurrency but from our side, we are very clear that we are not shutting off all options”.

She further added: "A Cabinet note is being prepared. It's almost nearing completion and then it will be taken to the Cabinet... we will allow a certain amount of window for people to experiment on blockchain and bitcoin. However, the what formulation of cryptocurrency will be part of the Cabinet note which will get ready soon”.