On domestic exchanges, the majority of crypto currencies continue to trade in the red

<p>The majority of crypto currencies continued to trade in the negative on Wednesday, as the government took the first steps towards banning private digital currency.</p> <p>The government's decision to introduce a bill banning crypto currencies except in certain circumstances resulted in a precipitous drop in the pricing of virtual currencies on domestic exchanges.</p> <p>At roughly 7:40 p.m., one of the most popular cryptocurrencies, Bitcoin, was selling 11% lower at Rs 40,93,019 on local market WazirX. On Wednesday, Ethereum was down 10.78 percent to Rs 3,07,000, while Dogecoin was down 16.49 percent to Rs 15.64.</p> <p>Despite being extremely volatile and one of the riskiest financial assets available, crypto currency has gained enormous popularity among the youth, and investment in the new age asset class has increased significantly.</p> <p>India is one of the countries where cryptocurrency has found rapid adoption, propelling total growth. While there is no official statistics on crypto currencies in the country, industry estimates place the value of cryptos at around Rs six lakh crore, with the number of investors in the hundreds of millions.</p> <p>According to broker discovery and comparison platform BrokerChooser, India currently has a total of 10.07 crore cryptocurrency owners, which puts it ahead of any other country on the planet. The United States is second with 2.7 crore cryptocurrency owners, followed by Russia (1.7 crore) and Nigeria (0.7 crore) (1.3 crore).</p> <p>"By contrast, the number of stock investors registered with the BSE/NSE in India has increased to 7.4 crore, while the number of MF (Mutual Fund) investors has increased to 11.4 crore. India ranks fifth in terms of crypto investors as a percentage of the population, at 7.3 percent, behind Ukraine (12.7 percent), Russia (11.9 percent), Kenya (8.5 percent), and the United States (8.3 percent) "Hemang Jani, Motilal Oswal Financial Services' Head of Equity Strategy, Broking & Distribution stated.</p> <p>According to Jani, Indian cry