In recent years, cryptocurrencies have taken the financial world by storm. Spearheaded predominantly by Bitcoin, there’s been a phenomenal rise in the price of cryptocurrencies. Today, there are over a thousand cryptocurrencies in existence. Not just individuals, big firms and businesses are also getting into the cryptocurrency business. Recently, tech giant Facebook proposed to launch a new global cryptocurrency called Libra.
However, the rapid growth and use of cryptocurrencies does not come without risk.
Today in IN DEPTH, let’s analyse the recommendations made by the inter-ministerial group on cryptocurrency and the basis on which they proposed a ban on private cryptocurrencies
Anchor: Teena Jha