Investing.com - Prices of the major cryptocurrencies were mixed on Friday morning in Asia, with Bitcoin remaining on a downward trajectory. India is said to be considering a complete ban on cryptocurrencies, casting doubts on the outlook for the crypto market.
Bitcoin slid 0.88% to $5,365.7 by 12:14 AM ET (04:14 GMT), losing its grip on the $5,400 level. Ethereum also shed 3.12% to $158.68.
That said, XRP added 0.08% to $0.29742 and Litecoin gained 2.46% to $73.912.
The mixed performances of the crypto coins sent the market cap further down to $171.6 billion from $176.7 billion the day before.
The Indian government has begun inter-ministerial consultations on a draft bill known as “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019", according to local media outlet The Economic Times.
A few departments are said to be in favour of completely banning the “sale, purchase and issuance of all types of cryptocurrency”. They include the Department of Economic Affairs, the Central Board of Direct Taxes, the Central Board of Indirect Taxes and Customs and the Investor Education and Protection Fund Authority.
A government official told The Economic Times that a final law will be proposed to the new government after the general elections in May.
While India is seeking to ban the digital coins, Malta has issued a guidance note to the public to warn about the risks of crypto assets and scams.
The note lists out the most common types of crypto scams and educates the public on how to identify and avoid them. These scams include fake initial coin offerings, crowdfunding ventures promising higher gains which are availed of once the coin becomes active, and fake exchange platforms and fake e-wallet apps.