The Central Government of India has released positive news for the cryptocurrency industry. Cryptocurrency enthusiasts having complete information in this regard are calling it a positive move. Those who do not know much about it are taking it as a jolt to the industry.
This news released from the Central Government of India is actually very positive news that we would like to throw light on. Before coming to the point, something that all of you must know about is the types of blockchain.
There are two different types of blockchain:
- Public Blockchain
- Private Blockchain
Coming to the point, the cryptocurrency created on the private blockchain is called the private cryptocurrency. Cryptocurrencies like Cardano and Monero are the best examples of cryptocurrencies created using the potential of private blockchains. There are many private cryptocurrencies.
Why Governments Banned Private Blockchains:
A number of such private cryptocurrencies had already been banned in the United States and several other parts of the world. The Central Government of India has also taken a good decision by deciding to introduce a bill imposing a ban on private cryptocurrencies.
This is a fantastic move by the Central Government of India for the following reasons:
- Transactions carried out on private blockchains are completely anonymous.
- Transactions carried out on private blockchains cannot be tracked by anyone.
- No information about transactions carried out using private blockchains can be sought.
This is the reason why private cryptocurrencies were banned several years ago by multiple countries. The move to ban private cryptocurrencies by the Central Government of India is a welcome move.
Why Governments Are Accepting Public Blockchains:
Talking about the acceptance of public blockchain, the governments of many countries including India has decided to accept it for the following reasons:
- Transactions carried out on public blockchain can be tracked.
- Decentralization, the protocol of cryptocurrency, is followed by the public blockchain.
RBI (The Reserve Bank of India), is also working on introducing its own cryptocurrency. This is great news for the millions of cryptocurrency enthusiasts in India, another key thing said by the Central Government of India.
Moreover, the cryptocurrency RBI is planning to introduce will also be paired with some cryptocurrency. Meaning, there will be many opportunities in India in the domain of cryptocurrency.
Meaning, the LUXURIOUS PRO NETWORK TOKEN (LPNT or LPN TOKEN) is also based on a public blockchain. Therefore, LPNT is always going to be safe for users to grow their business.
All In all, India is now all set to offer unlimited profitable opportunities on a world level in the domain of cryptocurrency.