CRYPTOCURRENCY : BOON OR BANE

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Cryptocurrency is a term that's gaining a lot of popularity nowadays. But many of us is still perplexed about the real utility of this currency. It is basically a digital currency that has got no physical existence but are extensively used in certain services. The main advantage is that the exchange can be done without the involvement of any intermediaries like bank. Cryptocurrencies can be utilized in many ways ; as an investment, for quick payments, for buying & selling goods or services, etc. These currencies are basically stored in digital wallets which can be online, computer or external hard drive. Some of the commonly used cryptocurrencies include Bitcoin, Ethereum, Dogecoin, Litecoin, etc. Although cryptocurrencies are  not issued, endorsed, or regulated by any Central bank, still it is allowed in some countries  like U.S., Canada, and the U.K. The U.S. department's Treasury has defined bitcoin not as currency, but as a money services business (MSB). At the same time, there are certain countries like China, Russia, Vietnam, etc. that say no to the use of Bitcoin. 

In India also cryptocurrencies are rapidly gaining popularity as an investment avenue. But the use of these are not legally authorized in India. According to the latest reports, the winter session of parliament is speculated to introduce the cryptocurrency bill. There are still apprehensions regarding the use of cryptocurrencies as it misleads people by exaggerating returns & using opaque advertisements. It also paves the way for money laundering, terror financing, cyber hacking, black market activity, etc. 

Cryptocurrencies, if used in a proper way, has a wide scope of benefits associated with the development of any country. They also have potential for high returns, protection from inflation, decentralized, easy transfer of funds, cost effective mode of transaction, etc.  Countries should try to adopt a balanced approach towards the use of cryptocurrencies by bringing it under legal coverage and thereby enhance the security of users as well as build a trust among the people so that more investors can profitably invest in it

- Anju-

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