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Regulation Should Be Made To Monitor Crypto Rather Than Banning It, Says CII

Bitcoin was down by 0.03 per cent in the last 24 hours, while Ethereum was up by 0.68 per cent, according to coinmarketcap.com. CII has proposed to come up with regulations to monitor crypto in India.

Regulation Should Be Made To Monitor Crypto Rather Than Banning It, Says CII
Regulation Should Be Made To Monitor Crypto Rather Than Banning It, Says CII
outlookindia.com
2021-12-09T18:05:57+05:30

The Confederation of Indian Industries (CII) released a paper on cryptocurrency, arguing that rather than outright banning cryptocurrency, there will be a regulatory framework to regulate their use.

 The prices of Bitcoin (BTC), fell by 0.03 per cent in the last 24 hours and was trading at $49,370.29 at 4:30 pm, according to data from global crypto exchange coinmarketcap.com. Bitcoin’s dominance in the crypto market is currently at 39.88 per cent with a decrease of 0.47 per cent over the day.

Ethereum (ETH) was up by 0.68 per cent and was trading at $4,319.45, while Binance Coin (BNB) witnessed a rise of 2.94 per cent and was trading at $593.63. Solana (SOL) was trading at $188.43, rising by 1.21 per cent, and Cardano (ADA) rose by 0.23 per cent to $1.36.

Meme Coins

All major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON) and Samoyedcoin (SAMO) witnessed a rise in the last 24 hours. 

Dogecoin witnessed a rise of 2.61 per cent and was trading at $0.1786 at 4:30 pm. Rival Shiba Inu rose by 2.93 per cent and was trading at $0.00003677, Dogelon Mars rose by 1.04 per cent and was trading at $0.000001204, while Samoyedcoin was trading at $0.04632 and recorded a rise of 9.04 per cent.

Overall Scenario

The global crypto market cap was $2.34 trillion, registering an increase of 0.60 per cent in the last 24 hours, while the total crypto market volume was $104.17B billion, up by 0.94 per cent.

Cryptogodz (GODZ) became the biggest gainer, recording a rise of 397.26 per cent; it was trading at $2.40 at 4:30 am. On the other hand, Andromeda (M31) witnessed maximum loss, falling 98.90 per cent; it was trading at $0.00156.

Latest Update

CII report by the industry body comes at a crucial time when the government is all set to come up with the new cryptocurrency regulations draft Bill in Parliament during the ongoing winter session.

“The crypto industry is currently driving substantial technological innovation globally. Blockchain innovations around the Ethereum main-net, side chains and Layer 2 have the potential to transform the future of payments, remittances, finance, investments, and beyond, with significant socio-economic benefits,” according to the report.

Moreover, CoinDCX, an Indian cryptocurrency exchange, is planning to launch its worldwide crypto-to-crypto trading platform, branded Cosmex, in 2022, according to a top executive of the company, Cointelegraph.com reported. 

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