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DAILY NEWS ANALYSIS
14 August, 2019
Min Read
Context
The recommendation of an inter-ministerial committee that India should ban all private cryptocurrencies, that is, Bitcoin and others like it hardly comes as a surprise.
Background
No central authority to regulate
Some important cryptocurrencies
The risk associated with the use of cryptocurrency
Digital currencies, being in electronic format, are prone to losses arising out of hacking, loss of password etc. Lack of any authorized central agency to regulate the payments or to turn to for redressal of grievances. There is no underlying of an asset for Cryptocurrencies, making the value a matter of speculation. The exchanges are located in various parts of the world, making law enforcement a tricky thing for the multiple jurisdictions available. Trading may subject the user to illicit and illegal activities since the cryptocurrencies, can easily be used for illegal activities anonymously.
Conclusion
Source: The Hindu
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