WazirX restored after the huge panic of the crypto ban led to App Crash – says Founder and CEO Nischal Shetty

Cryptocurrency, which is stated as the currency of the future, has suffered a major setback after the central government’s big announcement. Actually, on 23 November, Tuesday, shocking news got viral everywhere, stating that the centre is introducing a bill in the Parliament to ban all private cryptocurrencies in the country.

On hearing this news, there was a huge drop in the crypto market and the price of the world’s largest cryptocurrency decreased by 26%. Investors started selling cryptocurrencies.

Also Read: What Are The Top 5 Reasons For Bitcoin Trading?

The panic led to huge traffic over the App of the country’s largest crypto exchange WazirX, got crashed. The Founder and CEO of WazirX, Nischal Shetty has confirmed that it has now been restored.

Let us tell you, As the App got crashed, users on social media platforms were complaining that they were unable to buy or sell cryptocurrencies on WazirX and that their money was getting stuck in processing.

Also Read: Crucial Things Which Are Required To Learn By Everyone Before Buying Bitcoin

According to the News, keeping in view the future of cryptocurrencies, the central government is preparing to bring the country’s own cryptocurrency, but there are also plans to ban the transaction and trading of all private cryptocurrencies in India. To ban all cryptocurrencies, the government will introduce The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the winter session of Parliament. In this bill, the government will also make a provision for a framework for running government digital currency on behalf of the Reserve Bank of India. Significantly, there has been a discussion about cryptocurrencies in the Parliamentary Committee on Finance, in which instead of banning it, regulation was suggested.

Please note that there is a high risk in the cryptocurrency market. Despite this, people are investing in it and seeing it as a source of passive income. Actually, it is not known about cryptocurrencies, from where they got started and from where they are being operated. In such a situation, the government can impose some restrictions on cryptocurrencies.