SC Judgement On Cryptocurrency – Technology

The use of cryptocurrency has always been a point of contention
with its legality being a mystery to public. Bitcoins are a form of
digital currency and are not considered to be legal tender.
However, these are capable of functioning as a medium of exchange
akin to money. The lack of a traditional government or bank-backed
system to regulate its use makes cryptocurrencies the target of
several concerns such as it being a conduit for black money or
anonymously funding terrorism. Despite the odds, cryptocurrencies
have gained popularity worldwide and the cryptocurrency market in
India has also been slowly gathering momentum.

Since 2013, various warnings were issued by the RBI through its
press releases regarding the potential risks of use of
cryptocurrencies to the financial system of the country. The
Inter-ministerial Committee on February 28,…