Wazirx and india's crypto ban
NOV 24, 2021
RBI and CBDC: What does it mean?
WazirX app witnessed heavy user activity following the government's decision to introduce a new cryptocurrency bill in the Parliament to ban private cryptos.
A lot of investors took to WazirX and other crypto exchange platforms to sell their investments, resulting in an app crash
Some users even shared the screenshot of the WazirX app on Twitter and complained that they were unable to buy or sell cryptocurrencies on the platform.
In response, WazirX tweeted that the app has been restored since the crash which was caused by heavy user activity after the government’s proposed regulation became public.
WazirX CEO Nischal Shetty requested the investors not to panic and show some faith in cryptocurrency. He tweeted that this is not the end but the beginning of crypto regulations in India.
"All of us want regulation. We’ve been pushing for it from the last 1000+ days. Finally when regulation process has begun, why panic? - Nischal Shetty added
Instilling confidence among the investors. CEO added : We need to have faith in our law makers. There’ll be discussions & deliberations. Ultimately, innovation will win,"
Acoording to WazirX "India is one of the biggest crypto markets in the world and investors should respectfully wait to find out more about the draft bill to be tabled in Parliament.