India to Ban Private Cryptocurrencies, Develop CBDC

India to Ban Private Cryptocurrencies, Develop CBDC
  • India intends to ban private cryptocurrencies.
  • Bitcoin, Ethereum, and other major currencies are public currencies and are not part of the ban.
  • India will also create its own central bank digital currency.

India has recently revealed a crypto bill that aims to ban all private cryptocurrencies starting November 29. The news sent a tumble in the price of major cryptocurrencies like Bitcoin and Ethereum on India-based crypto exchanges.

However, the Indian market’s panic may be unfounded, as the bill will not target most cryptocurrencies. Specifically, the bill will ban only private cryptocurrencies.

What Is a Private Cryptocurrency?

For those who may be asking “what is a private cryptocurrency?”, the short answer is that these are digital assets that provide astounding privacy and anonymity to transactors. Specifically, this allows persons to transact crypto without revealing their identity to authorities.

Examples of private cryptocurrencies include Monero and Zcash. Others also claim Dash is a private currency. While the developers of these crypto assets have sincere and pure intentions, Indian legislators see the tokens as a legal threat.Frankly, Bitcoin, Ethereum, Binance Coin, and many more are not private cryptocurrencies, which means that India will still allow persons to buy, sell, trade, and hold these assets. That is, for the time being.

India to Create Own CBDC

At the same time, India has disclosed its plan to create its own central bank digital currency (CBDC). Basically, this is a type of cryptographic token much like Bitcoin and Ethereum, only that this is issued by a particular government’s treasury. 

At the time of writing, the country has not disclosed much information regarding the subject

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