India moving toward ban private crypto assets: Panic

The Indian crypto community is facing huge pressure because of the crypto bill of India to ban all private cryptocurrencies. 

At present, crypto bill 2021 of India is under full activity to get approval and impose a better regulation framework in the crypto industry. 

An Indian national TV news channel’s Twitter account reported about this news and quoted official news on the activity of the crypto bill of India. According to the tweet  ” the government of India introduced ‘The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021’ in the winter session of Parliament

And the main aim of the bill is to ban all private cryptocurrencies and the creation of CBDCs by the central bank of India. 

It is worth to note, crypto bill of India is dedicated to the crypto regulation, not the crypto ban. However, crypto bill restrict all private crypto assets. 

As per the crypto and blockchain definition, private cryptocurrencies are those assets that can’t be traced. So private assets allow people to facilitate anonymous crypto transactions. 

So, the bill of Indian regulators on crypto is aimed to provide a better ecosystem with the use case of crypto assets for trading purposes. 

But there are some news channels and a few websites, which are promoting this initiative of the Indian government as a strict action to ban the Cryptocurrency market. And these types of news are creating a high level of fear in the mind of the Indian crypto community. 

As a result, prices at the Indian crypto exchanges crashed by 20-30% for many crypto assets. 

So here we can say, there is a lack of crypto education among the developing countries of the world. And here Indian crypto community facing the same issue of lack of education. In this case, for instance, Indians needed to know the difference between crypto and private crypto. 

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