Amid growing concerns about serious threats to India’s macroeconomic and financial stability, some altcoin projects seem to be in jeopardy.
These private altcoin projects could be banned in India
The Reserve Bank of India submitted a bill to the Parliament on Tuesday that would ban all private cryptocurrencies with some exceptions. This means that no one should mine, buy, produce, hold, sell, trade, publish, transfer, dispose of or use cryptocurrencies. The “Regulation of Cryptocurrency and Official Digital Currency Act 2021”, which will be introduced at the winter session of the Parliament which will start on 29 November, aims to “establish a facilitating framework for the creation of the official digital currency to be issued by the Central Bank of India”.
cryptocoin.com As we have reported, the bill also aims to ban all private cryptocurrencies in India. However, it does allow certain exceptions to promote the technology underlying cryptocurrency and its uses. Private cryptocurrencies provide a level of privacy not available in others. A private cryptocurrency uses various cryptographic measures to mask information on the Blockchain. This means that wallet addresses will be masked or hidden in the private cryptocurrency network and the details of the transaction can be hidden. Here is a list of such altcoins:
- Monero (XMR)
- Dash (DASH)
- Zcash (ZEC)
- Verge (XVG)
- Beam (BEAM)
- Grin (GRIN)
- Horizon (ZEN)
- ByteCoin (BCN)
- Super Zero Protocol (SERO)
- BTCX India
- UCoin (U)
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