Cryptocurrency and Regulations

Student at School of Law, KIIT University, Bhubaneshwar, India

Volume III, Issue II, 2020

The machinery which is using trade transactions as easy as possible have experienced huge change and development. A virtual coin of the country in which the encipher methods are being observed to determine the creation of paper money and prove the validity of transaction of money worked freely for a reserve bank. So, it can be said that this definition can be used to define cryptocurrency which is the other form of currency kept by the people. So, it can be said that crypto currency is another way of credit coin which is virtual for which a specific group of people have specifically agreed that it has some value. It has the basic element of currency but since there is no real value of this type of currency and hence people take it as an investment for need. We all exchange things in the form of money like euro, dollar, rupees etc. In ancient times, the exchange of services is with grains which added the value of services in barter system and vice versa. These current techniques are a form of failure as the agent can easily fool the consumer with the actual value of the wheat and the services taken by him. At present we use printed form of currency. So, we all know the actual value of services, and now consumer can buy the things easily in exchange of the money. Basically currency gave the solution to the problem of exchange system from ancient times.


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