Is Bitcoin Banned in India - 2021 

In this blog we will see , all the false news and rumors revolving around the cryptocurrency world in India . We will also see if bitcoin is actually banned in India .  

There are so many things unclear about the cryptocurrency world in India as the media never provides the actual news . Let's see some of such headlines bellow .

These headlines are misleading the audience that the bitcoin may be banned . And banning a public cryptocurrency especially something like  bitcoin is actually like hitting yourself on a rock . 

Bitcoin is a global currency which is present on internet also called as "The Internet Money "  and no central body would want to ban bitcoin unless you are North Korea . 

Jokes aside but , Bitcoin works beyond the boundaries of trust .People have many opinions on bitcoin which are absolutely fine . But the fact which cannot be taken from the bitcoin is that it is decentralized . 

* To know more on why bitcoin cannot be banned read this blog . 

The Cryptocurrency Bill

In the legislative order of business for the budget session of 17th Lok Sabha ,The Government had listed a bill providing for the banning of all private cryptocurrencies in India and also develop a new Indian digital currency .

" Bitcoin is a public cryptocurrency , but bill states the ban on private cryptocurrencies " 

Cryptocurrencies runs on blockchain technology . There are 4 types of blockchains: 

• Public Blockchain :  Bitcoin , Ethereum . (Public Cryptocurrency)

• Private Blockchain : Dash , Corda . (Private Cryptocurrency)

• Consortium Blockchain : Energy Web Foundation , R3 . 

• Hybrid Blockchain : Dragonchain .

The most popular type of blockchain is the public blockchain followed by private , hybrid and consortium . 

Public Blockchains like Bitcoin , Ethereum have an open network with a transparent system by letting anyone join and leave the network as they wish . The public blockchain is owned by no-one and is decentralized , meaning this network is spread out ,  and is not centralized or owned by any central body. 

To know more about Blockchain technology you could check out - What exactly is Blockchain . 

Unlike public blockchain , private blockchain is a closed network and is owned by a central body yet working on an distributed system . These kind of blockchain provides privacy in the network , as no one can join or leave as they wish . 

Blockchain technology was created to make the network decentralized , distributed and public . But in the case of a private blockchain , The whole agenda of a blockchain is questioned as the whole network is private and owned by a central body . The only similarity is that both the networks are distributed and work on peer to peer network .

In the legislative order of business for the budget session of 17th Lok Sabha , One more thing was discussed on making a " New Indian digital currency ." 

*This thing is not yet clear as it meant "Indian digital currency" . 

But after analyzing the whole scenario , looking at the ban of the private cryptocurrency it totally makes sense that the government could come with their own private cryptocurrency .

Summary : 

• Bitcoin is not banned as it is a public cryptocurrency .

• Private cryptocurrency could be banned .

• India could come up with a new digital currency . 

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