CRYPTOCURRENCY: Success or Failure?
Due to the rapid development of information and communication technologies, many activities in our daily life have been merged online and they become more flexible and more effective. A huge growth in number of online users has activated virtual word concepts and created a new business phenomenon which is crypto currency to facilitate the financial activities such as buying, selling and trading. Crypto currency represents valuable and intangible objects which are used electronically in different applications and networks such as online social networks, online social games, virtual worlds and peer to peer networks.
In simple words its e-cash or some termed it as future currency, this currency is not governed by anyone , its transaction are highly secure and cannot be tracked , the transaction details are kept in highly sophisticated block chain which is not easy to track or infiltrate , so from this its sound very safe and secure , but it’s not as safe as it sounds because most of the transaction related to crypto currency happens on dark web as the name suggest its worst place of internet and its not even safe in any prospect, most of the transaction related to crypto on dark web were related to illegal drugs, arms and other criminal activities. As mentioned above the transaction cannot be tracked and the crypto is not governed by any individual or government body such activities occur unhindered and are on rise.
As of 2016 there was a cyber attack on one such crypto currency named etherium which caused loss of 50 million USD. There is also no dispute rederasal body or compensatory mechanism has been made as it is just independent computer system hardware. As of in India the Banning of Crypto currency and Regulation of Official Digital Currency Bill, 2019(“Second Draft Bill”) was introduced and R.B.I also has raised concerned over it as there was no regulatory body established behind it. The Parliament, in the next Lok Sabha session, is proposing to introduce the Crypto currency and Regulation of Official Digital Currency Bill, 2021(“New Bill”). The New Bill seeks to create a facilitative framework for creation of the official digital currency to be issued by the RBI.
The New Bill also seeks to prohibit all private crypto currencies in India. However, it allows for certain exceptions to promote the underlying technology of crypto currency and its uses. Indian government has been of 2 views on the topic of crypto currency, same is seen worldwide as many countries are friendly towards the idea of crypto currency like Australia , Singapore while other are reluctant to do same, as in some cases crypto are seen as method of tax evasion and that becomes important as country basically run on tax money and any such currency can make disrupt the whole system of boundaries and countries , on one side its user feels powerful and independent on the other side’s this individuality disrupt the function of state and a working society or nation at large. It can be concluded that crypto currency has posed a unique question to our traditional method of transaction in the economical world. The crypto currency has achieved a global status irrespective of territorial jurisdiction although its legitimacy is at the infantry stage. Crypto currency’s future outlook is still very much in question. Proponents see limitless potential, while critics see nothing but risk. Will it succed or fail remains to be seen.
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