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HomeCryptocurrencyProfessionals divided on how far India's 'personal crypto' restriction will go

Professionals divided on how far India’s ‘personal crypto’ restriction will go

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Professionals divided on how far India’s ‘personal crypto’ restriction will go

Federal government files from 2019 have been cited by an Indian crypto specialist to recommend that the proposed restriction on all “personal cryptocurrencies” could consist of just about every crypto.

The Indian federal government today announced it would present the Cryptocurrency and Policy of Authorities Digital Currency Costs, 2021 when it convenes at the Winter Session on Nov. 29.

The expense looks for a legal vote on developing a main digital currency while enforcing a ban on “all private cryptocurrencies.” However, there seems to be a lot of confusion regarding just what makes up a “personal cryptocurrency,” with some users speculating it could refer to “privacy” coins such as Monero or Zcash.Founder of crypto news website CoinCrunch India, Naimish Sanghvi, explained in a Nov. 25 interview on India Upfront that by the government’s definition, private crypto might mean practically every cryptocurrency there is. He said:

“In the 2019 Department of Economic Affairs report on cryptocurrency, they essentially stated that everything that is non-sovereign is designated as a private cryptocurrency.”

“And by that logic, it suggests that Bitcoin and Ethereum will enter that definition,” he stated, including that “anything provided by the federal government is public and everything released by private players is public.”

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