Last night, the Indian Government announced that they are banning all private Cryptocurrencies in India. This news made so many investors panic sell without understanding the full context of it.
What are Private Cryptos? Private Cryptocurrencies is a class of coins that offers private blockchain transactions. No one can follow from which address the funds were sent and to which address they were sent.
Top 6 Private Cryptos:
BEP2, BEP20, ERC20 tokens on the other hand offer transparent transaction information. Anyone can track transactions and wallets. Most Cryptos people have invested in don’t fall under private Cryptocurrencies. They are all transparent.
So what does it mean? Is this decision bad for crypto? Of Course, it is! Governments are again trying to get control over people. But also, this illegal activities through Crypto will get somewhat controlled due to this decision.
But as a normal individual, would it affect you? If you have invested a good amount in the above private tokens, then it will affect you. But if you haven’t, then this news doesn’t affect anyone else.
For transactions, we can always use other Cryptocurrencies which are transparent and also low on fees.
It is very important to understand that your Crypto portfolio is safe. And any government can not ban your transparent crypto projects. Share this with your Indian friends and stop panic selling your paper hands!