Crypto Banned in India? What are Private and Public Cryptocurrencies

Digital Currency Bill 2021 is about to ban all private cryptocurrencies in India along with non-technology cryptocurrencies

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is yet to get the Cabinet Acceptance.

Indian Government has proposed its latest cryptocurrency bill for the winter session. They will talk about the new cryptocurrency bill on 29th November 2021. We have provided an image of the crypto bill where the following point is proposed.

The Union Government will introduce a Bill to regulate cryptocurrency and apparently ban all private cryptocurrencies, along with 25 other pieces of legislation, in the winter session of Parliament that begins on November 29.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which is yet to be officially approved by the Cabinet, seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. Yes, the government is all about creating a new cryptocurrency for the people of India which will be regulated by the Reserve Bank of India.

What is Proposed on the Digital Currency Bill, 2021

As you know, the government is about to propose a cryptocurrency-related bill on November 29. But what have they written on this bill? Let's unveil all the points they mean to say in this Digital Currency Bill, 2021. You must know what's written in the 10th paragraph of the bill about cryptocurrency. This bill is called The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in which it is written, "To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

This bill describes that a framework will be created for the digital Indian currency from the Reserve Bank of India. This bill also means to ban all types of private cryptocurrencies in India. However, a few digital currencies whose technology is quite important may get certain exceptions. Which exceptional cryptocurrencies are these, this is not defined here yet. It all means that India will regulate its own cryptocurrency only which will be permitted through the RBI (Reserve Bank of India).

It is very big news for the cryptocurrency world. If this bill gets approved, then you'll see a major change in the cryptocurrency market.

What are the Private Cryptocurrencies and the Public Cryptocurrencies

Private Cryptocurrencies: Private Cryptocurrencies are those in which all transactions and trades are opaque and cannot be seen or investigated by any government entity. It means if one person tries to view the sender's wallet address or the receiver's wallet address, it can't be traced. This major phenomenon encourages some people to do illegal activities and they can't be traced. That's why the government is being greedy about the banning of private cryptocurrencies. Some big private cryptocurrencies which are being regulated in the world are Monero, ZCash, Dash, Horizen, Verge, and Beam.

Public Cryptocurrencies: Public Cryptocurrencies are fully the opposite of Private Cryptocurrencies. These are those cryptocurrencies that are easy to trace. This means if one person tries to trace a wallet's sending & receiving any public cryptocurrency, they can easily get the data about the sender's address as well as the receiver's address. Nothing is hidden in the Public cryptocurrencies. That's why it is more likely to not get banned in India. But again, as per the Digital Currency Bill, 2021, if your choice's cryptocurrency is not offering useful technology, there is a big chance that your cryptocurrency can get banned and your investment can be stuck forever. The top public cryptocurrencies in the world are Bitcoin, Ethereum, Solana, Cardano, VeChain, etc.

The Verdict

Now you know the difference between private cryptocurrencies and public cryptocurrencies. One thing you must understand is that the Indian Government is only trying to save us from big scams. A month ago, a meme coin called SquidGame has gained so much investment and they flew away. People who had invested in the shitcoin had lost millions of dollars in just a few hours. So, in case, you have invested your hard-earned money in any private cryptocurrency or any fraud crypto company, there can be a big chance that those cryptocurrencies may not get traced. That's why the Indian Government is only allowing those cryptocurrencies which are public cryptocurrencies and work on fundamentally great technologies. So, let's wait for the Digital Currency Bill and what they propose to the people of India. We'll also update this article after the bill comes.

So, that's it for this breaking news. If you found this article interesting, do share it with your friends. Thanks for reading. 💙

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