As per ZebPay’s co-CEO, Avinash Shekhar, Bitcoin, Ethereum and other such token holders can breathe a sigh of relief. “As per our understanding, these are completely public cryptocurrencies as they are built on public blockchain networks. Transactions are traceable, however they are completely anonymous,” he says. In Shekhar’s view, coins like Monero and Dash ‘may’ be considered as private tokens. While they are built on public blockchain networks, they conceal transaction information to provide privacy to users.
Industry experts are optimistic that there will not be a blanket ban and the speculation around the term ‘private cryptocurrencies’ will be put to rest once the fine print of the bill is out. “We have been engaging with the government and regulatory authorities and they have been open and inclusive,” says Gaurav Dahake, CEO & Founder Bitbns. In fact, he adds, the statement by the Finance Minister on adopting a calibrated approach towards regulating crypto earlier this year was a significant move in the positive direction for the industry.
