Crypto Currencies

 Crypto Currencies
  • Crypto Currencies or Virtual Currencies are type of unregulated digital money.
  • They are mainly peer-to-peer system, and transacted between users directly, without an intermediary.
  • These transactions are verified by network nodes and recorded in public distributed ledger called blockchain.
  • They are neither issued by central bank/public authority, nor is necessarily attached to fiat currency, but is used and accepted among the members of a specific virtual community.
  • They are being transferred, stored or traded electronically.
Government stand on Crypto Currencies:
  • Government does not consider cryptocurrencies legal tender and it will take all measures to eliminate use of crypto assets in financing illegitimate activities or as part of payment system.
  • Earlier, Government had issued repeated warnings against digital currency investments, saying these were like “ponzi schemes” that offer unusually high returns to early investors.
 Global Conference on Criminal Finances and Cryptocurrencies:
  • The annual Conference is an initiative of the Working Group on Cryptocurrencies and Money Laundering established in 2016 by Interpol, Europol and the Basel Institute on Governance.
  • Aim: To strengthen knowledge, expertise and best practices for investigations into financial crimes and intelligence on virtual assets and cryptocurrencies.

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