RATE Group | Understanding cryptocurrencies: What’s to like, and what’s to fear
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Understanding cryptocurrencies: What’s to like, and what’s to fear

29 Jul Understanding cryptocurrencies: What’s to like, and what’s to fear

Posted at 00:07h in Cryptocurrency News by

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An inter-ministerial committee (IMC) that was set up to assess the viability of virtual currencies has recommended that India should ban private cryptocurrencies such as Bitcoin.

An inter-ministerial committee (IMC) that was set up to assess the viability of virtual currencies has recommended that India should ban private cryptocurrencies such as Bitcoin. The detailed report of the IMC was submitted on February 28 but it was made public only on July 23. It is available on the Department of Economic Affairs’ website.

What are virtual currencies?

A virtual currency is a digital representation of value that can be digitally traded and functions as (a) a medium of exchange, and/ or (b) a unit of account, and/or (c) a store of value, but, unlike fiat currency like the rupee, it is not legal tender and does not have the backing of a government. A cryptocurrency is a subset of virtual currencies, and is decentralised, and protected by cryptography.

What are Distributed Ledger…

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