Indian crypto community debate on the definition of private cryptocurrency

In the Indian crypto community, most of the crypto players are trying to understand the actual definition of private cryptocurrency. 

On 24 November, government officials openly announced the “crypto regulation bill of India ” introduction in the winter session of the Indian parliament. After the announcement, the crypto community of India got into a panic and the crypto market crashed badly. However, at present, the market has recovered. 

Besides all this panic, a big question took birth in the crypto community that is “what are private cryptocurrencies”. 

According to the official information available regarding the crypto bill of India, Indian laws will ban all “Private cryptocurrencies”. Now people are wondering, what is the meaning of private cryptocurrencies?” 

In the very beginning, most people considered Monero, Zcash like crypto assets as private cryptocurrencies. But many experts shared their different points of view on the definition of “Private- cryptocurrencies”. Few experts claimed that Ripple is under private cryptocurrencies because it is not fully decentralised.

In the present situation, no exact definition has been provided on “Private cryptocurrencies” by Indian government authorities officially. 

Many crypto players like nischal Shetty, founder of Binance owned Wazirx crypto exchange, shared his point of view on the “private cryptocurrencies” in an interview with the CNBC awaaz, a local news tv media of India, and said that no exact definition has been provided by the bill about private cryptocurrencies. And here it will be too early to say that lawmakers are going to ban it. According to Wazirx founder, the Indian crypto community doesn’t need to take any tension regarding this situation because officials already had a huge discussion about regulation instead of ban. 

India crypto bill 2021 plans 

At the time of writing this article, no exact information has been provided about the exact framework by the lawmakers or bill officially. But outside headings of the bill, showing that laws will give freedom to the Central Bank of India ( RBI) to use blockchain and crypto without any limitations. 

And also the bill will give freedom to the Indians. Citizens to use the blockchain-based technology under the regulatory guidelines. 

So right now, the bill is aimed to push the adoption of blockchain technology. 

However, besides all these things, CNBC awaaz news TV confirmed that if Indian government laws will ban crypto then in that situation they will give time to sell the assets.

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