All the fuss about CRYPTO BAN in India!
- A thread 🧵 (1/8)
#CryptocurrencyNews #cryptocurrecy #cryptoban #cryptobanindia
- A thread 🧵 (1/8)
#CryptocurrencyNews #cryptocurrecy #cryptoban #cryptobanindia
Today's morning, all major cryptocurrencies saw a fall of around 15 % or more, with Bitcoin down over 17 %, Ethereum falling by close to 15 %, and Tether down by almost 18%. (2/8)
#CoinDCX #WazirX
#CoinDCX #WazirX
'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to ban all private cryptocurrencies in India with certain exceptions and is also looking to make a framework for the official digital currency that the Reserve Bank of India will issue. (3/8)
India is one of the biggest cryptocurrency markets in the world has more than 10 crore crypto owners. While homegrown crypto exchange platforms have maintained that around 2 crore Indians have invested in cryptocurrencies. (4/8)
The government is looking to discourage trading in cryptocurrencies by imposing hefty capital gains and other taxes. (5/8)
Bitcoin, Ethereum and many other crypto tokens are based on public blockchain networks, meaning transactions made using the networks are traceable while still providing a degree of anonymity to users. (6/8)
On the other side, private cryptocurrencies could refer to Monero, Dash, ZCash and others, which, built on public blockchains, obscure the transaction information to offer privacy to users. (7/8)
These private cryptos take care of two aspects - anonymity and untraceability. The first to hide the identity behind a transaction, while untraceability makes it virtually impossible for third parties to follow the trail of transactions. (8/8)
So, what is your take on it?
So, what is your take on it?
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