The central government is set to introduce a bill in the Winter Session of the Parliament, which seeks to ban all private cryptocurrencies in India.
The bill, if passed, would effectively ban citizens in India from transacting in most cryptocurrencies.
The news sparked panic among investors, which led the crypto market to crash on Wednesday. However, it also led to netizens sharing hilarious memes on Twitter.
Here take a look at some of them:
Some Twitter users were disheartened
Other masked their saddness by relating to Phir Hera Pheri
Many users drew parallels to the Chinese government's decision to ban crypto
Some highlighted the plight of crypto owners who were unsure of how to react
Many highlighted the feeling of crypto apps