The Indian government has listed its new crypto bill on the agenda of the upcoming Winter Session of Parliament, which starts on November 29. The description calls to “prohibit all private cryptocurrencies,” but has not defined what it means by ‘private’.
According to RAJAT PRAKASH, Managing Partner at Athena Legal told Business Insider India that “An inference can be drawn that generally anything not owned by the government is considered private. Also, it could mean that cryptocurrencies that are on private blockchain hence making them untraceable could be private cryptocurrencies.” It could also mean that non-government coins, which include everything from Bitcoin to Tether to Shiba Inu, won’t be legal tender and could be classified as an asset.