What Is Private Cryptocurrency? Is it Going To Be Banned In India?

So, once again, we are here. Exploring the depth of Cryptocurrency and the vast blue sky above our head. I’m just getting warmed up. On Nov 23, 2021, the Indian Cryptocurrecny market crashed, a whopping 10-15 per cent decrease in almost all the cryptocurrencies available at this time. This sudden crash happened because of very-very simple news that said the Government of India might introduce a bill that will ban private cryptocurrency in India. But does that means this is the end of the golden era of Cryptocurrency? Let’s explore the question.

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Tell me, what is Private Cryptocurrency?

Okay, see, there is no stark difference between a public cryptocurrency and the private cryptocurrency. They both are doppelgangers as of now, at least on paper. The very definition of private cryptocurrency is that it should be owned by a specific authority, people, team or a company. So, if you have got a new set of dogecoin like cryptocurrencies up your sleeve, then say bye-bye to that dream. I’m serious.

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Wait, So What is Public Cryptocurrency?

A public Cryptocurrency is something that is in the public domain like Bitcoin, Etherum. However, there is a catch; it must be regularised by a known government or authority such as banks. At least, this is what the Government is saying and the founder of WazirX. See for yourself.

So, what is the issue here?

Okay… The issue is nothing but simple; it’s like Thor’s hammer; nobody can lift it. Jokes apart, the problem lies in the definition between Private Cryptocurrecny and Public Cryptocurrency. Since the very idea of Cryptocurrency is public, it is not owned by any single person. This makes Cryptocurrencies like Bitcoin and Ethereum a public currency, which is why everyone who is part of the blockchain is collectively responsible for it. But at the same time, no single authority is regularising this currency because quite simply, Blockchain is a decentralised approach.

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And because it is a decentralised approach, it’s not managed by any government or single entity, which makes it a threat. So, yeah, it’s safe to say that, I guess. By threat, I mean, it is an unregularised digital currency for the Indian government, and indirectly this becomes a Private currency. 

What are the experts saying about Public/Private Cryptocurrency?

Okay, I’m dropping the bomb here. Experts themselves are divided on this one. Some are saying that a Private Cryptocurrency is something that will be part of the blockchain but all the transactions will be kept private for e.g. Monero, Dash, Zcash, and public cryptocurrency will continue to be Bitcoin, Dogecoin, Ethereum etc. 

However, some are saying that any cryptocurrency that will be regulated by a government body will be considered a public cryptocurrency and the rest will be considered a private currency. This directly hints that all cryptocurrencies will be banned in India. 

According to a report by ET , The Indian government is all set to introduce a Cryptocurrecny bill in this winter session of the parliament, and there is a high chance that all Cryptocurrency will be banned and only RBI issued Digital Coin will be allowed. 

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It is also worth noting that in July 2019, a high-level panel banned all Cryptocurrency, and in the recent Sydney Dialogue Last week the PM said, “It is important that all democratic nations work on this (cryptocurrency) and ensure that it does not end up in wrong hands, which can spoil our youth,”