Recently, Bitcoin has seen a significant price increase, reaching over $61,000. In a recent written response in the Lok Sabha, Finance Minister Pankaj Chaudhary mentioned that there are no current proposals to regulate the buying and selling of virtual assets.
After a period of decline, the crypto market saw profits on Friday. Bitcoin, the largest cryptocurrency by market capitalization, rose by 7.63% to approximately $61,285 on international exchanges like CoinMarketCap. On Indian exchanges, Bitcoin’s price increased by about 6% to around $65,545. The legalization of Bitcoin mining in Russia is seen as a major factor behind this rise.
Ether also saw an increase of 8.17%, with its price around $2,527. Other cryptocurrencies like Avalanche, Tether, Polkadot, Solana, Polygon, Litecoin, Stellar, and Cronos also saw price gains. However, Near Protocol and the meme coin Shiba Inu experienced price declines. Overall, the crypto market capitalization grew by about 6.64% to approximately $2.15 trillion.
According to CoinSwitch’s Markets Desk, this rise is attributed to increased investor confidence. Recent regulatory developments have reduced market stress. However, analysts warn that this recovery could be affected by volatility. In India, crypto firms are waiting for a regulatory framework to ensure the security and legality of their business operations. Currently, the Indian government does not have any plans to regulate this sector. Meanwhile, the European Union and UAE have established rules for the crypto market.
In a recent Lok Sabha response, Finance Minister Pankaj Chaudhary stated that there are no proposals to regulate virtual assets. When asked by MP G.M. Harish Balayogi about the government’s plans to regulate the crypto sector, Chaudhary responded that no new laws are being proposed. However, the Financial Intelligence Unit (FIU) is authorized to monitor anti-money laundering activities. Last year, during India’s G20 presidency, India worked with the IMF and Financial Stability Board (FSB) to draft regulations for the crypto sector for G20 members.