Bitcoin, Ethereum, Ripple and a lot of other popular cryptocurrencies may not be banned and are likely to continue existing in India despite the government planning to introduce a new Crypto bill in the upcoming Parliament session. The government on Tuesday evening released a list of 26 bills that will soon be introduced in the parliament, including the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The bill states that all private cryptocurrencies should be banned to make way for the digital currency which will be introduced by the Reserve Bank of India (RBI).
“To create a facilitative framework for 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,” the description of the official document accessed by India Today Tech reads.
India is one of the largest cryptocurrency markets in the world. A recent report suggested that the country has more than 10 crore crypto owners while homegrown crypto exchange platforms have maintained that around 2 crore Indians have invested in cryptocurrencies. Seems like most of them reacted to the government’s decision to introduce a new bill.
Most cryptocurrencies started bleeding on Tuesday night as there was a general panic among investors, some of whom must have also started pulling out their money. Bitcoin, Ethereum, Tether and almost all other major cryptocurrencies saw a dip. However, if you go by the simple technical definition, none of them might actually be banned. All of these are public cryptocurrencies since transactions done in them are linkable and traceable by design.
What is a private cryptocurrency?
The next logical question to cross your mind should be – if Bitcoin is public crypto, then what is a private cryptocurrency? Well, these are the kind of cryptocurrencies that offer…
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