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    Don’t panic because of the Crypto ban in India, there is more than meets the eye

    Don’t panic because of the Crypto ban in India, there is more than meets the eye

     

    The declaration of the Government of India in cryptocurrency trading and exchanges have made a huge uproar in the crypto market. This week the Indian Government announced that they would bring a cryptocurrency regulation bill and impose a ban upon private cryptocurrencies. 

     

    But Indian crypto experts and enthusiasts have varied opinions on the Digital Currency Bill 2021. According to the previous documents of the Indian Government ‘private crypto coins’ will include all the available cryptocurrencies. The Digital Currency bill seeks to create a country’s official currency and ban all the existing crypto coins available in the market. But the confusion remains on how to determine the ”private cryptocurrency”?

     

    Some people think that by ”private coins” the Indian Government meant currencies such as Zcash, Monero etc., but according to the government documents, the private currency means each and every currency that exists in the current market. Not to mention, Bitcoin and Ethereum will also fall in this category. 

     

    During this panic-stricken situation, the marketing manager of the Indian crypto exchange platform WazirX, Rohit Kundliwal addressed the audience through LinkedIn and pointed out the fact that cryptocurrency cannot be banned, it can only be regulated. Also, he further stated that there is no ruling that categorizes which is a private currency and which is not.

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