Government's proposed cryptocurrency ban bill sparks meme fest on Twitter

The cryptocurrency bill aims to prohibit all private cryptocurrencies.

Cryptocurrency investors in India are on panic mode after the Lok Sabha announced on Tuesday that a bill to ban private cryptocurrencies will be introduced in the upcoming winter session of parliament and that the government will create a framework for a central bank-backed digital money.

The proposed bill "seeks to prohibit all private cryptocurrencies in India", the Lok Sabha said, and comes after Prime Minister Narendra Modi warned last week that Bitcoin presents a risk to younger generations and could "spoil our youth" if it ends up "in the wrong hands".

“Cryptocurrency”, “Crypto Ban” and other related terms were among the trending keywords on the internet, with thousands of people talking about the government’s move. Meme makes wasted no time in churning out hilarious posts and jokes on the subject.

Here are some memes on the cryptocurrency bill:

#cryptoban #Bitcoin
Government planning to ban Private #cryptocurrecy in India.

Meanwhile WazirX and other crypto apps' business: pic.twitter.com/XUK1eNoTVm

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— Aditya Gona (@aditya_gona) November 23, 2021

Crypto Investors Govt pic.twitter.com/pQbU0t92KQ

— Sagar (@sagarcasm) November 24, 2021

Crypto apps to #india govt. right now :#WazirX #cryptocurrecy WazirX pic.twitter.com/yYeMLD84Ec

— Harshad Bhalekar (@harshad_17) November 23, 2021

Where is digital india now? #cryptoban #cryptocurrecy #IndiaWantsCrypto #Cryptoindia pic.twitter.com/iEezzhdXYD

— xyz (@Praneet53907245) November 24, 2021

Indian Boomers on #cryptoban. They just couldn’t stand millennials making money.#cryptocurrecy #Cryptoindia pic.twitter.com/1z3CEIuqM0

— Vikram Chawla (@itsvikramchawla) November 24, 2021

WazirX #WazirX
Indian investors makin panic over ban of crypto.
Meanwhile CHINESE CRYPTO inveators pic.twitter.com/rEjmCQD3Ue

— Harsh Patel (@HarshPa69110919) November 24, 2021

Meanwhile foreign crypto traders and investors watching India right now *#WazirX #IndiaWantsCrypto #cryptocurrency pic.twitter.com/QgR23IL83u

— nifty_meme_50 (@nifty50memer) November 23, 2021

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 aims to prohibit all private cryptocurrencies, and was listed in the Lok Sabha's agenda for the winter session, which begins on November 29 and concludes on December 23.

Nischal Shetty, founder of cryptocurrency exchange platform WazirX, told CNBC TV18 that a "lot of panic selling ensued overnight".

He observed that the prices of all major cryptocurrencies dropped by almost 10-15 per cent overnight in India. Bitcoin (Rs 40,80,590) fell by over 9.88 per cent, whereas Ethereum (Rs 3,07,500) declined by close to 7 per cent. Tether (Rs 71) was down by almost 11.73 per cent, and Solana (Rs 15,750) declined by almost 10 per cent.

The move in India comes months after China declared all cryptocurrency transactions illegal in September.

India's crypto market has boomed since the Supreme Court overturned a previous ban in April last year, growing more than 600 per cent over the past year according to research by Chainalysis.