What do you understand by crypto currency? Do you think crypto currencies should be legalized? Critically analyse.

Answer: A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

Arguments in favour of legalisation

  • Blockchain – Decentralized book-keeping: Cryptocurrencies are transparent because the transactions take place on the public blockchain ledger. Transactions are approved and verified by nodes before they get carried forward. This rules out scope for financial malfeasance or fraud.
  • Cryptocurrency market’s capacity for growth: Cryptocurrency is a newfound haven in an era where government backed currencies do ....
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