Private Cryptocurrency List in India PDF: In today’s article, we are going to learn about the full list of Private Cryptocurrencies in India. Now many people know about Bitcoin and cryptocurrency as new sources of trading and earning money. But many of you don’t know the purpose and use case of different crypto tokens and how it actually works. So, here we will share all the important details related to Cryptocurrency in India.
Also, we will discuss the difference between Public vs Private Cryptocurrencies in detail. Moreover, many of you also wanted to know about a ban on “all private cryptocurrencies” by the government of India. Therefore, in this topic, we will try to cover all of these questions of crypto users and the general public. So, stay tuned with us and grab all the latest and necessary information we have provided below in this article.
List of Private Cryptocurrencies in India
Many people don’t know the real meaning of Private Cryptocurrency, they get confused between private and public cryptocurrencies in India. So, now let’s understand the meaning of private cryptocurrency. In the traditional sense, all cryptocurrencies are private in nature, as there is no single body controlling them. But in the cryptocurrency space, the terms “Private” and “Public” refer to the level of privacy that the cryptocurrencies provide.
However, Crypto tokens are secure and anonymous but still, some other currencies keep the transaction even more private. Therefore, people are choosing secured alternatives of cryptocurrencies to invest in.
A “Private Cryptocurrency” uses several cryptographic measures to mask the information. On the network of private cryptocurrency, the wallet addresses will be masked or hidden, the details of the transaction may be hidden, and so on. This allows users a level of privacy that is not available with their “Public” counterparts. Some of the famous private cryptocurrencies in use are Monero, Zcash, DASH, Horizen, and so on.
On the other hand, “Public Cryptocurrencies” are quite the opposite of this. Transactions happening over such networks can be traced or linked to the wallet addresses, and even their amount can be deciphered. They provide ways for users to be anonymous, but that is only to the extent of maybe not revealing your original name or so. The wallet address linked to you can still be configured through a trace.
Private Cryptocurrency List in India
As per the investopedia.com report, there are many private cryptocurrencies in the market. Let’s take a look at some popular privacy-oriented cryptocurrencies, which have several built-in privacy features.
Here check the Top 10 Most Private Cryptocurrencies in India:
- Monero’s (XMR)
- Zcash (ZEC)
- Horizen (ZEN)
- Verge (XVG)
- Oasis Network
- Pirate Chain
NOTE – You can download the List of Private Cryptocurrency in India PDF for free using the direct download link given below.
Public Cryptocurrency List in India
In computer science, a cryptocurrency, crypto-currency, or crypto is a digital currency that does not rely on any central authority to uphold or maintain it. Instead, transaction and ownership data is stored in a digital ledger using distributed ledger technology, typically a blockchain.
|Bitcoin (BTC)||Ethereum (ETH)||Tether (USDT)||Cardano (ADA)|
|Ripple (XRP)||Polkadot (DOT)||USD Coin (USDC)||Dogecoin (DOGE)|
|Shiba Inu (SHIB)||Litecoin (LTC)||Uniswap (UNI)||Chainlink (LINK)|
|Polygon (MATIC)||Bitcoin Cash (BCH)||Elrond (EGLD)||Stellar (XLM)|
|TRON (TRX)||Cosmos (ATOM)||Bitcoin SV (BSV)||EOS (EOS)|
|NEM (XEM)||Qtum (QTUM)||Zilliqa (ZIL)||NEO (NEO)|
|SushiSwap (SUSHI)||Floki Inu (FLOKI)||Augur (REP)||DIA (DIA)|
|Husky (HUSKY)||Nano Dogecoin (INDC)||Kishu Inu (KISHU)||Doge Killer (LEASH)|
Latest Update – Cryptocurrency Book in Hindi for Beginners
Difference between Public and Private Cryptocurrencies
In a 2019 report, ‘Report of the Committee to propose specific actions to be taken in relation to Virtual Currencies’, the Ministry of Finance differentiated between the two by stating the following;
- All cryptocurrencies are based on distributed ledgers, one of their biggest advantages over other forms of currencies.
- While there is one ledger in the case of your bank or other financial institutions.
- Cryptocurrencies use blockchain technology to have multiple ledgers, all of them connected over the network.
- Any transaction on the network is recorded and cross-checked across all these ledgers, leaving no chance for a miscalculation or a bogus entry.
- However, anything on a ledger that does not match with other ledgers gets canceled. This means there is no need for third-party monitoring of the network or its ledgers.
- Hence, there is no central institution monitoring the transactions. The network of computers connected to the blockchain does it on its own.
- This is also why cryptocurrencies, particularly Bitcoin, have led to the origin of “Decentralised Finance” or “Defi.”
- Meaning everything is decentralized, and there is no one bank controlling these finances.
- Bitcoin, Litecoin, and Ethereum are examples of public cryptocurrencies while Monero, Zcash, and Dash are private cryptocurrencies.
Did Govt. Banned Private Cryptocurrency in India?
Recently, news came across about all Private Cryptocurrencies being 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. However, there is no complete banned on cryptocurrencies is never possible but they can be regulated. So, Govt. of India is going to discuss “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.
Below, we have mentioned 5 important points that are expected to be imposed in this crypto regulation bill;
- All Indian crypto exchanges will be under the Securities and Exchange Board of India (SEBI) Regulation.
- Cryptocurrencies will not going to ban in India nor will be legal tender. Rather it will be an asset class known as “Crypto Assets” like you hold gold, shares, real estate, etc.
- Prevention of Money Laundering Act, 2002 (PMLA) will be applied to illegal crypto activities in India.
- Also, you can’t keep cryptocurrencies in a private wallet nor you can use foreign crypto exchanges to keep or trade your cryptocurrencies.
- Any violation of the crypto rule can lead you to one and a half years of imprisonment with a penalty ranging from Rs. 5-20 crores.
As the Indian government bringing new laws for the regulation of cryptocurrency and to validate only private cryptocurrencies, the investors are worried and newcomers are looking for the secured alternatives of cryptocurrency. So, it is requested to all the new people interested in the cryptocurrency, use your money carefully and DYOR.