{"id":486306,"date":"2022-03-17T22:07:09","date_gmt":"2022-03-17T22:07:09","guid":{"rendered":"https:\/\/wncen.com\/?p=486306"},"modified":"2022-03-17T22:07:09","modified_gmt":"2022-03-17T22:07:09","slug":"dogecoin-price-falls-as-indias-central-bank-bans-cryptos","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin-price-falls-as-indias-central-bank-bans-cryptos\/","title":{"rendered":"Dogecoin Price Falls As India&#8217;s Central Bank Bans Cryptos"},"content":{"rendered":"<p><span style=\"font-weight: 400\">This morning, the cryptocurrency market saw a significant headline that caused Dogecoin&#8217;s price action to drop. The Indian Central Bank came out with firm rejection against adopting cryptocurrencies in the country. There was an announcement from India\u2019s Central Bank (RBI) calling cryptocurrencies &#8220;<\/span><a href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/dogecoin-price-could-tank-as-indias-central-bank-closes-the-doors-to-cryptos-202203171517\" rel=\"nofollow\"><span style=\"font-weight: 400\">a tool which will wreak havoc on our economy<\/span><\/a><span style=\"font-weight: 400\">.&#8221;<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/whats-bitcoin-role-after-end-of-petrodollar-system-arthur-hayes-says\/\">What\u2019s Bitcoin Role After End of Petrodollar System? Arthur Hayes Says<\/a><\/strong><\/em><\/p>\n<h2><span style=\"font-weight: 400\">The Price of Dogecoin Increased Temporarily<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Dogecoin\u2019s price action is not in a sweet spot. In just five minutes, comments trashed the planned bull target for next week at $0.1357. As a result, Dogecoin (DOGE) dipped back to its opening level and took another step away from where it had been before.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The price of Dogecoin went down when the news came out. A trend line and an intermediary top-line stopped the bulls from taking the price higher. So instead, the price went back to where it started and looked like it would fall more. A possible target for the price going down is $0.1137 and $0.1100.<br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400\">Investors may be slow to react, but if they buy the dip, it could increase the price by $0.1197 to the upside. This would open the door towards $0.1242 intraday and possibly again on track for $0.1357.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The US session has only just begun, so economic recovery is time. Maybe even some good news on taxes or regulations before traders move onto other things &#8211; providing markets with support at both $0.1197 and psychological levels like barbette above them where buyers seem confident again.<\/span><\/p>\n<figure id=\"attachment_486308\" aria-describedby=\"caption-attachment-486308\" style=\"width: 1012px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-486308 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/DOGEUSD_2022-03-18_02-40-53.png?resize=1012%2C566\" alt=\"DOGE Chart\" width=\"1012\" height=\"566\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/DOGEUSD_2022-03-18_02-40-53.png?w=1012 1012w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/DOGEUSD_2022-03-18_02-40-53.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/DOGEUSD_2022-03-18_02-40-53.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/DOGEUSD_2022-03-18_02-40-53.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/DOGEUSD_2022-03-18_02-40-53.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-486308\" class=\"wp-caption-text\">DOGE started the day with a decline as India plans not to regulate cryptos | Source: DOGE\/USD chart from <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Tradingview.com<\/a><\/figcaption><\/figure>\n<h2><span style=\"font-weight: 400\">India To Launch CBDC This Year<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The Indian government has revealed its positions on cryptocurrencies and digital currency. They are not going to regulate cryptocurrencies by the central bank. Instead, India\u2019s central bank will be launching central bank digital currency (CBDC) this year.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bullish-exchange-reserve-loses-50k-btc\/\">Bitcoin Bullish Signal: Exchange Reserve Loses Another 50k BTC Over Past Week<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">On Tuesday, the Indian ministry of finance answered some questions in Rajya Sabha regarding &#8220;RBI Cryptocurrency.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Finance Minister to state was asked by Rajya Sabha member Sanjay Singh, \u201cwhether it is a fact that the government plans on introducing a cryptocurrency regulated by The Reserve Bank of India (RBI).<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cNo sir,\u201d replied Pankaj Chaudhary, the minister of state in the finance ministry.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Minister Chaudhary <a href=\"https:\/\/www.cnbc.com\/2022\/02\/01\/india-digital-currency-to-launch-in-2022-2023-finance-minster-says.html\" target=\"_blank\" rel=\"noopener nofollow\">explained <\/a>the difference between the RBI cryptocurrency and traditional paper currency:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called central bank digital currency (CBDC).<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Indian Finance Minister Sitharaman <\/span><span style=\"font-weight: 400\">said <\/span><span style=\"font-weight: 400\">during her Feb. 1 budget speech:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Indian Prime Minister Narendra Modi commented<\/span> <span style=\"font-weight: 400\">on the upcoming digital rupee launch:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">The digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash.<\/span><\/p><\/blockquote>\n<pre>                    Featured image from Pixabay, chart from Tradingview.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>This morning, the cryptocurrency market saw a significant headline that caused Dogecoin&#8217;s price action to drop. The Indian Central Bank came out with firm rejection against adopting cryptocurrencies in the country. There was an announcement from India\u2019s Central Bank (RBI) calling cryptocurrencies &#8220;a tool which will wreak havoc on our economy.&#8221; Related Reading | What\u2019s Bitcoin Role After End of Petrodollar System? Arthur Hayes Says The Price of Dogecoin Increased Temporarily Dogecoin\u2019s price action is not in a sweet spot. In just five minutes, comments trashed the planned bull target for next week at $0.1357. As a result, Dogecoin (DOGE) dipped back to its opening level and took another step away from where it had been before.\u00a0 The price of Dogecoin went down when the news came out. A trend line and an intermediary top-line stopped the bulls from taking the price higher. So instead, the price went back to where it started and looked like it would fall more. A possible target for the price going down is $0.1137 and $0.1100. Investors may be slow to react, but if they buy the dip, it could increase the price by $0.1197 to the upside. This would open the door towards $0.1242 intraday and possibly again on track for $0.1357. The US session has only just begun, so economic recovery is time. Maybe even some good news on taxes or regulations before traders move onto other things &#8211; providing markets with support at both $0.1197 and psychological levels like barbette above them where buyers seem confident again. India To Launch CBDC This Year The Indian government has revealed its positions on cryptocurrencies and digital currency. They are not going to regulate cryptocurrencies by the central bank. Instead, India\u2019s central bank will be launching central bank digital currency (CBDC) this year.\u00a0 Related Reading | Bitcoin Bullish Signal: Exchange Reserve Loses Another 50k BTC Over Past Week On Tuesday, the Indian ministry of finance answered some questions in Rajya Sabha regarding &#8220;RBI Cryptocurrency.&#8221; The Finance Minister to state was asked by Rajya Sabha member Sanjay Singh, \u201cwhether it is a fact that the government plans on introducing a cryptocurrency regulated by The Reserve Bank of India (RBI). \u201cNo sir,\u201d replied Pankaj Chaudhary, the minister of state in the finance ministry. Minister Chaudhary explained the difference between the RBI cryptocurrency and traditional paper currency: RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called central bank digital currency (CBDC). Indian Finance Minister Sitharaman said during her Feb. 1 budget speech:\u00a0 The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system. Indian Prime Minister Narendra Modi commented on the upcoming digital rupee launch: The digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash. Featured image from Pixabay, chart from Tradingview.com<\/p>\n","protected":false},"author":555,"featured_media":486307,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[17024,1558,1785,7,3600],"class_list":["post-486306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cbdcs","tag-cryptocurrency","tag-doge","tag-dogecoin","tag-rbi"],"acf":[],"yoast_head":"\n<title>Dogecoin Price Falls As India&#039;s Central Bank Bans Cryptos<\/title>\n<meta name=\"description\" content=\"This morning, the crypto market saw a headline banning cryptocurrencies in India which caused the Dogecoin price action to drop.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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