It is reported that the Government of India is about to introduce a bill in the Parliament regarding cryptocurrencies. All private cryptocurrencies can be banned in India except a few. With this news all the major cryptocurrencies started falling in the last few hours. The central government is also planning to bring its own new cryptocurrency.
The Center is now planning to create a conducive framework for the creation of an official digital currency to be issued by the Reserve Bank of India. ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is planned to be introduced in Parliament in the upcoming winter session.
private cryptocurrency token
Recently, the demand for cryptocurrencies has increased rapidly. While a large number of new crypto investors entered the market in 2021, many coins such as Ethereum, Bitcoin and Shiba Inu took advantage of their names. Blockchain technology uses coins like bitcoin to be secure and anonymous. Some of these coins are more private in terms of transactions. Some of the major private currencies keep the identities and activities of users hidden.
Currency (XMR): Monero is a popular token primarily known for its ability to help anonymize users. It is difficult to trace transactions in XMR as compared to many other tokens because they use the Ring signature. These methods provide a secure bubble for any type of transaction by hiding the user’s identity. According to CoinMarketCap, as of 9:30 am on November 24, XMR was trading at US$240.68.
Dash coin: Dash is another cryptocurrency that offers anonymity to its users. Dash Coin allows its merchants to choose whether transactions are private. Its PrivateSend feature allows users to stay safe when using the coins against regulatory standards in certain countries. Dash was trading at US$192.56 as of 9:30 am on November 24, according to CoinMarketCap.
Zcash (ZEC): Zcash claims itself to be a more advanced token than the market leader Bit Coin. Underlining its enhanced security and privacy features, ZEC claims to be the most secure form of digital currency in the world. Provides participants with the option of shielding transactions by applying zero-knowledge proof cryptographic tools. ZEC is rightfully considered one of the best private cryptocurrencies. According to CoinMarketCap, as of 9:30 am on November 24, Zcash was trading at USD 256.42.
Verge (XVG): The Verge is yet another private coin that hides the identity of the user. However, XVG uses existing and tested technology from The Onion Router (TOR) and the Invisible Internet Project (I2P) instead of cryptographic techniques to protect users’ identities. According to CoinMarketCap the Verge USD was trading at 0.02464 as of 9:30 am on November 24.
Beam: It is a token that is heavily focused on security with core features that include full control over user privacy. All transactions on Beam are claimed to be private by default. Blockchain does not store any address or other private information.
more private cryptocurrencies
- Horizen (ZEN)
- ByteCoin (BCN)
- Firo (FIRO)
- Super Zero Protocol (SERO)
- BTCX India
While large coins like bitcoin are easily traceable by authorities, the private coins mentioned above claim to keep data secure. All top private coins also block many hacking attempts. However, law enforcement agencies and regulators can investigate people carrying out large transactions of such coins. Anonymity is a matter of concern when making large transactions. The Indian government will now consider banning these coins and setting up RBI’s digital money.
Also read- Government of India may ban private cryptocurrency in upcoming bill: Sources
Also Read – Government Allays Fears Of Cryptocurrency Investors; Will allow exit window for investors before the ban: Sources