The Government Plans to Ban Cryptocurrencies but Only ‘Private’ Ones

By Smita Kumar

For those crores of people in India who have invested in cryptocurrencies, there is some news! The Government of India is set to completely ban private cryptocurrencies soon and will introduce a bill in the winter session of the Parliament. The bill talks about banning all private cryptocurrencies except for the one issued by the Reserve Bank of India in the future. The above-mentioned bill is on number 10.

A report recently said that there are about 10 crores (about 8 percent of the population of India) Indians who have invested in cryptocurrencies. But this news shall not worry them, since if the bill becomes law, only private cryptocurrencies will be banned. As far as Bitcoin and Ethereum etc. are concerned, the investors can heave a sigh of relief as these are public blockchain-based cryptocurrencies. These are considered different from those known as private cryptocurrencies like Monero and similar ones. Even these private cryptocurrencies are built on public blockchains but do not make open the transaction information stating offering privacy to their users. Bitcoin on the other hand offers anonymity.

The bill says a framework will be made for the official digital currency of the Reserve Bank of India. Also, the motive of this bill is to ban all the private cryptocurrencies in India.

It is to be mentioned here that a regulatory ban may not affect the users’ ability to transfer cryptocurrencies from one wallet to another.

As of now, there are about 7,000 various types of cryptocurrencies circulating all over the world. Until 2013, only one cryptocurrency Bitcoin was in the world. Launched in the year 2009, Bitcoin’s value was not even 75 paise but today, it has a value of around Rs. 46 lakhs.

It is important to mention that in the last week, Prime Minister Narendra Modi had announced that democratic countries in the world should ensure that this form of currency does not get into the wrong hands. The reason is that it is going to hamper the future of many youngsters.

Latest prices of popular cryptocurrencies in India on Wednesday:

Cryptocurrency	Price (In Rupees)	Market cap (In Rupees)	24-hour change	Vol (24 Hours)- In Rs.
Bitcoin	42,23,963	79.1 T	-7.48 %	2.9 T
Ethereum	3,20,323	36.6 T	-4.41 %	1.6 T
Tether	75.20	5.4 T	-8.17 %	6.3 T
Cardano	126.91	4.4 T	-12.83 %	120.2 B
Ripple	78	3.6 T	-8.02 %	223.3 B