After regulatory talks in India regarding a possible ban on crypto trading, panic sellers are selling major cryptocurrency exchange WazirX. The result has been a dramatic drop in the price of major cryptocurrencies (BTC and Ether (ETH).

After the announcement by parliament that 26 bills would be introduced in the Winter Session (2021), the price of the top cryptocurrencies crashed on India’s crypto exchange.

According to a Tuesday publication by the parliament, the bill is awaiting a vote from the legislative for the creation of an official digital currency and a potential ban on “all private cryptocurrencies,” starting on Monday.

The massive sale of WazirX was initiated on Wednesday morning, at 3:30 AM UTC. Bitcoin prices dropped by 14.8% within two hours, from close to 4,600,000 Indian rupees ($61820.73), to 3,917.659 rupees.

Similar price declines were also seen for other popular tokens like Ether (ADA) and (ADA).

According to the CEO of the exchange Nischal Shetty, India’s crypto market usually trades at a premium compared to the global market. The panic selling resulted in a correction which has caused the Indian market prices to rise to the global standard. He advised Indian investors not to panic and to trust the legislators.

Commenting on India’s crypto ban, BTC Markets CEO Caroline Bowler said:

This ban won’t work in the long-term and would be a step backwards […]To protect investors’ interest, banning is not possible […]It is possible for governments to try and ban cryptocurrency, but the fact that it has a decentralized nature makes it difficult to do so.

Bowler was also a fan of Indian blockchain investor Evan Luthra. According to the young entrepreneur, India will be able to take and handle cryptocurrencies soon. This is despite Bitcoin’s increasing popularity.

The public was first to experience it, followed by the banks. In the future of metaverses, the government will be required to deal with cryptocurrency in order for the country’s future.

India, home to more than 20 million crypto investors, is the current largest cryptocurrency market in the world. In August, a representative of the Reserve Bank of India stated that preliminary tests for the creation of a digital currency central bank by the Reserve Bank of India are planned before 2021.

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