Cryptocurrency is a type of digital asset that is based on blockchain technology. Cryptocurrency is decentralized and uses peer-to-peer technology to manage transactions. Bitcoin, the first cryptocurrency, was created in the year 2009. It is interesting to know that cryptocurrencies can also be used to purchase goods and services. Cryptocurrencies are traded on decentralized exchanges.
In India, the legal status of cryptocurrency is still being debated. The Reserve Bank of India (RBI) has issued several warnings about the risks associated with investing in cryptocurrency. However, the RBI has not yet issued any regulations regarding the use of cryptocurrency. Meanwhile, the Securities and Exchange Board of India (SEBI) has begun to take steps to regulate the cryptocurrency market.
The Indian government has also taken some steps to regulate cryptocurrency. In 2018, the Indian government launched a task force to examine the regulatory issues surrounding cryptocurrency. The task force is expected to submit its report by the end of July 2018.