crypto currency

 A cryptocurrency or crypto is a virtual currency secured by cryptography. It is designed to work as a medium of exchange, where individual ownership records are stored in a computerized database.

The defining trait of cryptocurrencies is that they are not issued by the government agency of any country making them immune to any interference and manipulation from them.

Latest Developments regarding  Cryptocurrency in India –

In an effort to tighten the oversight on digital assets, the government, in March 2023, imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. Read more on this development here.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is likely to be introduced in the winter session of the Parliament. It is a bill that would regulate Cryptocurrency in India. On December 7 2021, Finance minister Nirmala Seetharaman asserted that the proposed Central Bank Digital Currency will not boost cryptocurrency in India.

This article will further discuss the details of cryptocurrency within the context of the Civil Services Examination.