Now the crypto prices have in fact crashed by 15 uh hours, 15 percent and uh and more hours after the government introduced uh announced that it will introduce the cryptocurrency bill in the parliaments winter session. Now this seeks to prohibit all private cryptocurrencies in the country with a few exceptions. Also, the government will introduce the banking laws uh amendment bill of 2021, which aims to privatize two public sector banks in the forthcoming winter session of the parliament. Now this will commence from the 29th of november and additionally, india has decided to release 5 million barrels of crude oil from its strategic petroleum reserves as well and simultaneously with the countries like the us, japan, china and republic of korea. The decision has come amid reports that the us has urged uh these nations to release crude oil. Now speaking of cryptocurrency itself uh, the government is, has now planned uh to go ahead and uh and facilitate regulation of the cryptocurrency uh. Now, as of this morning, all major cryptocurrencies saw a fall of around 15 percent or more uh. Bitcoin was down to 17 percent, ethereum fell to 15 percent, and tether was down almost 18 percent uh. Now let me take this opportunity to open a crypto analyst. A vikram maher whos joining us on the broadcast um. Thank you for joining us this morning, sir uh. Now vikram. If you could tell us about uh the the repercussions, in fact that have happened after the india indian government announced uh, that it will introduce a bill for the ban of private players in cryptocurrency um.

These the market, cryptocurrency market saw a crash. It saw uh. Most of the major crypto players falling uh by 15 to 17 percent. Almost now. What are your thoughts on this yeah? Thank you, uh! Actually, in the indian market there are uh needed. I mean uh, how to say uh. The regulation is needed at this point of the time, and the government is seems like a very straightforward and the willing power of this current government is more, as i saw the they can regulate it or they can pay it. So at this point of the time when they introduce the like private currencies, the market and all the crypto traders are understanding that all the cryptocurrency part of this any uh cbdc concept, which is which will be introduced all, are the private currencies. So now the government moves is to to disengage investors from the crypto market and to implement the new rule regulation that will be much more uh complicated for the investors and the government want that cbdc concept on the basis of the rbi coin, which gives a negative Impact it was an instant case because india is the second largest democracy. So there are a lot of investors are there, so this is the biggest quest might be recovered soon, but the government seems very active on the cryptography matter right, vikram now, of course, what repercussions will it have on the market in the future, when private players are In fact, banned from entering uh this, this uh this arena now, do you think uh, both globally and regionally? What are the kind of uh repercussions? It will have.

A lot of things can happen after this, because many governments want to take the straightforward action on the cryptocurrency now the main thing, the in the sydney dialogue. When i hear the lecture of the prime minister in the movie, they given a word democracy in democratic countries, they they have to work closely. Now the democratic countries all have to introduce the introduces, such as frame combinedly, which can give the better and the smooth way for the investors like they can introduce a common uh taxation system or they could ban, or they could go a mix strategy to implement. This thing, so these kind of the things can happen, this kind of the uh two and four things happen like this is not a final decision. I can say the but government is one the final uh framework for the cryptocurrency regulation, so these kind of the middle uh activities uh can be harmful little bit for us uh as like you know, but we have to give the welcome hands to the government. The finally they get they took this great decision right. So thank you for joining us this morning and providing your insight on the story. Lets listen to a statement by economist akash foreign Music.