Now it is the era of digitization. Currency has also become digital. One of the latest forms of currency is virtual or digital currency and it is called Crypto Currency. In present paper an attempt has been done to understand the concept of Crypto Currency and its pros and cons with its legal acceptability in different countries.
A currency means money in any form which is in circulation and is used as a medium of exchange. These are also called legal tender means they cannot be refused as payment for debt and they are centrally controlled Government issued currencies. With the development of computers and internet new form of currency has arisen i.e. “Crypto Currency”. It has no physical manifestatuin as dollar,euro,…show more content… Few have been highlighted below:
• Jain & Modi (2017) analyzed the concept of Bitcoin as a whole. They reviewd the legal issues and status of Bitcoin in India. In their study the concluded that use of Bitcoin is increasing in India but due to no legislative regulatory framework passed, it is not illicit in…show more content… If not, no banks will deal with them. The reason behind registration is to prevent some people to inject dirty money into the country through Bitcoins that gets converted to Pesos. BSP has issued a circular which contains detail guidelines for businesses engaged in Virtual Currency Exchange (such as Bitcoins).
Venezuela on Bitcoin’
Bitcoin is used as a common mode of payment by Venezuelans for their daily requirements such as buying food, plane tickets, or even paying employee. Due to hyperinflation Venezuelan currency Bolivar has become worthless. Cryptocuurency have become so fashionable in Venezuela that President Nicolas Maduro has proposed a government-backed version called the Petro. Government authorities have permitted trading of Bitcoin but though few details have been issued by the government Venezuelans have little faith in it.
The opportunities and danger of virtual cash
Nine years since the birth of Bitcoin, central banks around the world are increasingly recognizing the potential upsides and downsides of digital