Cryptocurrency is the most trending topic nowadays and the industry is also booming very much in this digital era. You must have listened about this everyone has different opinion and conception about it, now the questions arise what is crypto and why it’s so trending cryptocurrency is a digital currency or virtual currency which doesn’t exist in physical form or hard cash and is typically not issued by a government or any central authority. It is based on a blockchain system that works as a public financial transaction database.
The first decentralised cryptocurrency was bitcoin
and it came into existence in 2009, when the bitcoin became popular than many other cryptocurrencies like ethereum, litecoin, stellar and the most heated dogecoin. since cryptocurrency came into existence it’s been facing legality issues and every country has its way of dealing with cryptocurrency. Many countries have allowed their use and trade without any legal issues and while other countries have banned or restricted this kind of activity. Cryptocurrencies face criticism for many reasons which include the usage of crypto in illegal activities like its the main source of money transfer in the dark web and other illegal hacking activities. They are also praised by many for their inflation resistance, transparency and it’s becoming a great mode of investment nowadays. People have not started using it as a currency but buying it for investment which has resulted in the inflation of bitcoin and other cryptocurrencies. The most popular cryptocurrency is bitcoin which was created in January 2009 it was the first cryptocurrency or the first decentralized currency.
Recently, El Salvador became the first country to accept bitcoin as everyday currency in June 2021. In El Salvador, you can buy anything with bitcoins just like normal hard cash. Many countries have banned this mode of transaction and many have restricted its use. Countries like Algeria, Bolivia, Egypt, Iraq, Morocco, Nepal, Pakistan, and the United Arab Emirates have already banned this mode of transaction completely and countries like Bahrain, Bangladesh, China, Colombia, the Dominican Republic, Indonesia, Iran, Kuwait, Lesotho, Lithuania, Macau, Oman, Qatar, Saudi Arabia and Taiwan have allowed this kind of activity with some restrictions on it.
India has not officially announced anything about its legality but till now it’s legal to trade in cryptocurrency, now and then rumours have been spread that India is going to ban it or not but any official authorisation has not given any statement about it. If you are an Indian citizen or living in India so it is completely legal to trade in it but there’s no regulation on crypto till now, which means you are free to invest or trade in cryptocurrency but it is not regulated by any government authority to protect your money.