Private Cryptocurrency List : Govt of India to Ban All Privacy Tokens

What is Private Cryptocurrency? All Private Cryptocurrency list in India is discussed here.

by amitsh053 Updated: 30 Nov, 2021, 03:48 IST
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Not everyone knows about Blockchain Technology but many are aware of the rise of Bitcoin in the year 2018. That news was so huge that people came to know more about different cryptocurrencies. Today, people know about Bitcoin (BTC), Ethereum (ETH), Monaro (XMR) and other famous Public and Private Crypto tokens as a new form of trading and money earning source without learning about what are the purpose and use case of different crypto tokens and how it actually works?

private cryptocurrency list ban in india
Private Cryptocurrency Ban in India

A news story came 2 days ago about all Private Cryptocurrencies banned in India and regulating all other public Cryptocurrencies. The Indian government is going to present the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to the parliament in the winter session starting on 29th November. This news created a panic among Indian cryptocurrency investors and the 20% crypto market crashed. Now, investors are somehow worried about the future of cryptocurrencies in India.

What is Private Cryptocurrency?

Bitcoin and Ethereum are the two currencies with the highest market dominance. Crypto tokens are indeed secure and anonymous but still, some other currencies keep the transaction even more private. People are choosing secured alternatives of cryptocurrencies to invest in. We are discussing Private Cryptocurrencies but technically, there is no such term. People still choose among the most secured alternatives of cryptocurrencies to maintain privacy.

List of Private Cryptocurrencies in India to avoid Investing

As the govt announced a ban on all Private Cryptocurrencies in India you should avoid investing on those Privacy tokens as an Indian otherwise you may face legal issues in future. Here we have listed few popular Private or Privacy Cryptocurrencies that you should learn about-

Monero (XMR)

It is a private digital currency that costs around $247.02. Monero ensures that no stranger can see the balances or activity of any user and allows them to be their bank.

ZCash (ZEC)

You might want to consider ZCash when it comes to privacy. It was presented as a good alternative to Bitcoin in 2017. It offers shielded and transparent types of transactions. ZCash is priced around US$275.43 and asks for low fees and provides large block sizes.

Decred (DCR)

DCR is now worth US$106.53 with a market cap of US$1,434,937,210. This is ranked 89.

Horizen (ZEN)

Horizon uses the Zendoo technology and offers two different types of addresses called Z and T addresses. People who like more privacy can use Z-addresses which are completely private. The coin price of Zen is around US$118.52

Oasis Network (ROSE)

The ROSE token now costs US$0.383 and ranked 92th on crypto world.

Secret (SCRT)

SCRT now costs US$7.08 and many people have this on their portfolio.

Flux (FLUX)

The FLUX token is now around US$2.03.

Verge Currency (XVG)

Created in 2014, the price of Verge Currency is around $0.025. The goal of Verge Currency works with the main goal to improve upon the indigenous blockchain. Verge has multi-algorithm support which is only acquired by a few currencies.

iExec RLC (RLC)

RLC privacy coin ranked 182 and is now cost US$4.12.

Status (SNT)

Status token now costs US$0.09461 and holders are increasing YoY. This is ranked 185th among crypto coins.

DASH (DASH)

DASH provides an immediate form of transfer to the user. Works the same as bitcoin and uses a two-tier blockchain network to provide more privacy features and minor transaction fees. The coin price of DASH is around $167.35.

ByteCoin (BCN)

ByteCoin is powered by CryptoNote Technology and is considered the first private cryptocurrency. The transactions done with ByteCoin are non-linked and the payments can’t be traced. The coin price of ByteCoin is around $0.000445.

Super Zero Protocol (SERO)

The coin price of SERO is around $0.22. This is considered the world's first truly privacy protection platform that allows the issuance of anonymous digital assets.

Beam (BEAM)

Beam uses the LelantusMW and MimbleWimble protocols and is unusual among the casual investors of crypto. The price of BEAM is around $0.61. The primary work function of BEAM is security and it does not store the initials and addresses in the blockchain.

Firo (FIRO)

The technology used by Firo to make the transaction more secure is Dandelion Technology. It’ll shuffle the IP addresses of the users in an unsystematic number of steps and protect the anonymity of the user. The price of the Firo coin is around $7.17.

Grin (GRIN)

Priced at around $0.36, Grin is focused on the transaction privacy of the user. It has its way to ensure privacy and it doesn’t require amounts or addresses.

Except these 16 Privacy tokens there are more 71 Private Cryptocurrencies available according to Coinmarketcap.com which you should avoid as of now being an Indian. You can use WazirX, Coinswitch Kuber to trade top cryptocurrencies in India.

Wrapping Up

Private Cryptocurrency is a term that can mean different things. We can conclude the meaning as Privacy coins or a thing that falls exterior to the CBDC. With the Indian government bringing new laws for the regulation of cryptocurrency and to validate only private cryptocurrencies, the investors are worried and newcomers are already looking for the secured alternatives of cryptocurrency. Although, it is still to consider how India defines the term ‘Private Cryptocurrency’.

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Deal Cadet Deal Cadet

It’s not clear yet.. don’t go with sources! There’s no official guidelines on what is public and what’s private in terms of cryptos.. govt may also say anything which is not owned or regulated by them is private .. ! Boom
So wait and watch don’t panic buy or sell.

Deal Subedar Deal Subedar

Please panic sell so I can buy at lower price grinning

Deal Hunter Deal Hunter

Even porn was banned but everyone including ministers are still enjoying it laughing

Deal Newbie Deal Newbie

Private cryptocurrencies are those cryptocurrencies that hides you and your transaction Identity so in this way those who are criminals and also those who are doing illegal activities they can use this private cryptocurrencies as a form of payment so avoid investing in private cryptocurrencies & invest only in public one & forget the meme token don’t try to become rich fast invest in good projects with actual use cases like Algorand, Harmony, Travala, Chromia, Sand, Fantom, Axie Infinity there are so many cryptocurrencies with actual use cases just forget doge, shiba inu and other meme token

Deal Cadet Deal Cadet

Good article for crypto investors in India. Thanks for clearing the confusion about private cryptos.

Deal Newbie Deal Newbie

Private here means not offered by govt. Stop misleading people.

Deal Subedar Deal Subedar

It was previously and now also mentioned by governement that they are not banning but regulating crypto… it is a fake news going on in media, so wait for Parliament session…

Deal Cadet Deal Cadet

it seems more like demonetization – trade in what u want and later convert to what is allowed

Deal Newbie Deal Newbie

Wait till official announcement

Deal Cadet Deal Cadet

Now what’s going on in India is the true definition of FUD. I don’t mind banning crypto where transactions are hard to trace at all.

But everything else including meme tokens on public blockchains should stay. If by any chance the ban is worse than we all thought .. I will still be holding on to my crypto to buy digital assets in future. It’s still not all lost 🙂

Deal Newbie Deal Newbie

Buy the dip..they will not ban.they are trying to regulate and which is out of their control

Deal Newbie Deal Newbie

Buy share on SIP ..10% on each dips of 5% fall… graphite… hdfc bank… PNB bank.. wockhardt.. hdfcamc…NHPC… Himadri…ashokley…HUL…STrides..n many more.. like reliance

Deal Newbie Deal Newbie

In article, it mentioned that Indians can use Wazirx & Coinswitch kuber for trading in India;but I wants to know about Coindcx app. Can we trade through Coindcx or not?

Hunk Hunk

Finally I educated myself about private tokens.

Deal Newbie Deal Newbie

Cryptocurency will be the new world government in a decade or less and trust me on that! Our respected Indian gGovernment holds a lot of shiba inu coins. I am an indian and i love my country irrespective of the corruption and inflation. My only point is that all the people in this world should be able to feed their family. All the poverty of india and this world should vanish away forever and thats what the blockchain technology will do. Of my 6 years of experience in crytpo field, ill be happy to assist anyone and educate any and everyone about blockchain technology. To contact me y’all can whats app me on my Indian number, i.e +917304354585. I just want to help other people and educate them with the priceless knowledge and infirnation i hold about all the blockchain future projects. Trust me, my intention is only to educate everyone and get blessings. Absolutely free of cost, so y’all can whats app me without any hesitation. God bless everyone!

Deal Subedar Deal Subedar

Mc= most cute government will ban soon life in india

Deal Newbie Deal Newbie

India will never ban crypto, as most of the politicians money is in this. Govt is churning money out of crypto. How they do is this way..
They say its not legal and going to ban.. there’s a panic sell and all crypto goes down . Govt gets a chance to buy at lowest rate. Later for few years they dnt say anything until its back at highest peak. Remember the first dip in 2017-2018.
Same is happening now.

Think again if they are trying to ban and say its not a legal tender how come they allow the trading platforms to advertise on television ads.🤭

Analyst Analyst

Lol they can’t ban Monero even if they try everything 🤣

Deal Newbie Deal Newbie

creating liquidity on selling side wink

only lame people sell on dip in crypto.

Analyst Analyst
bikidas2060 wrote:

Finally I educated myself about private tokens.

The definition of private tokens told here is not even one percent of what it actually is. Just saying it is anonymous doesn’t tell why government wants to ban it.

In Simple Words :-

First thing to know private tokens or Cryptocurrency in general is not tied to border limits i.e Cryotocurrency is a global market, if one country bans it that almost doesn’t matter at all as activity just shifts elsewhere.

Now Coming to Private coins :-

What’s make them private??

- Nobody Knows the source of these coins as these are bought using Decentralised and P2P exchanges (Disposable E-mails, No KYC, VPN/Proxy/Tor).
- Nobody Knows the amount of Funds as that’s the function of these coins i.e hiding addresses.
- Nobody Knows To Whom The Funds are being sent You are only left with public address of these coins and you can’t do anything with that as the real operation is going in the blockchain of these coins.

That’s the beauty of these coins. And that’s the only reason government want to ban them as :-

- Governments can’t have control over it’s citizens
- Money Laundering at its best , Government can’t tax as the source of these token is already anonymous and the person is anonymous and the coin is anonymous lol.
- Criminals can do illegal activities without getting traced.

In my opinion government won’t be able to put a complete ban on it but they can surely prevent it for mass adoption. It looks futile effort to me as the biggest criminal currency is still cash and by banning Cryptocurrency (Which is not even sure that they are banning) India might lose big in coming years. wink


Deal Newbie Deal Newbie

I think government is not to ban crypto but to comes with new guidelines.please don’t panic to sell or buy crypto.

Deal Newbie Deal Newbie
madhureddy9021890 wrote:

Buy the dip..they will not ban.they are trying to regulate and which is out of their control

Yes. I made nearly $250 investment in the dip. I also made profits by buying usdt in wazirx for 64 rupees and sold it for 81 rupees in P2P when market raised 😂. Buy the dip 🚨

Deal Cadet Deal Cadet
Vaastav wrote:

Lol they can’t ban Monero even if they try everything 🤣

They can’t ban any cryptocurrency.

Deal Newbie Deal Newbie

If India doesnot embrace Cryptos soon then it will be too late when the world would have embraced it.In stead of begging in streets and doing robbery these low income groups can make living for themselves.After all Indians can bring in foreign currency which is good.

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