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

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?

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.

NO, practically complete banned on cryptocurrencies are never be possible but it can be regulated. So, Govt. of India is going to discuss on "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" where 5 important points that expected to be imposed in this crypto regulation bill-

1. Cryptocurrencies will not going to ban in India nor it will be a legal tender. Rather it will be a asset class known as "Crypto Assets" like you hold golds, shares, real estates etc.

2. You can't keep cryptocurrencies in a private wallet nor you can use foreign crypto exchanges to keep or trade your cryptocurrencies.

3. You can use only Indian crypto exchanges to keep and trade cryptocurrencies in India and if you are holding any crypto in foreign wallets then government will give you a specific deadline to transfer all crypto assets in Indian crypto exchanges ASAP.

4. All Indian crypto exchanges will be under Securities and Exchange Board of India (SEBI) Regulation.

5. Prevention of Money Laundering Act, 2002 (PMLA) will be applied over illegal crypto activities in India.

6. Every Indian crypto holders must have to declare all their crypto assets to the Govt.

7. Any violation of crypto rule can lead you to one and half years of imprisonments with a penalty ranges Rs. 5-20 crores. 

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.

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-

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.

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.

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

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

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

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

The FLUX token is now around US$2.03.

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.

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

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

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 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.

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 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.

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.

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.

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’.