Cryptocurrency ban in India

 

The cryptocurrency ban in India is a significant debate on every Indian news channel and social media. After introducing the cryptocurrency ban bills last night by the central government of India, the impact made the Indian market value fall’s specific timelines. The Bill leads every cryptocurrency investor to a confused state about the actual ban.

Digital Currency Bills 2021:

 The Bill states that “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.”

What do bills say?

The Indian government and Reserve bank of India want to create a secure and easy way of cryptocurrency for investment and transaction transparently. And the cryptocurrency, which is authorized and developed by the Reserve bank of India, will be answerable and provide security for the investor at any cause. 

Private cryptocurrencies:

A cryptocurrency that doesn’t offer information about the investor and their transaction details publicly is meant to private cryptocurrency. They are known as privacy coins and progress in an anonymous blockchain transaction with the other name. In the same way, the currency doesn’t provide accurate information and untraceable origin or destination of the transaction. Above all, it hides the user identity, address, and wallet balance to avoid the multiple transaction details mixed up together during the examining timeline. Some of the major private cryptocurrencies are listed below.

• Beam
• Verge
• Horizon
• DASH
• Monero
• Zcash

Bitcoin, Ethereum, Litecoin and Ripple are meant to be public cryptocurrencies.

Conclusion:

 The Indian government demand and want to develop a secure way of cryptocurrency investment and transaction from the citizen of India. Even the Digital currency bill 2021 is introduced, but the parliament winter session starts on Nov 29, 2021, and continues still Dec 23 2021. During the winter session timeline, we will thoroughly discuss the ban of cryptocurrency in India and offer everyone exact information.