Crypto currencies are digital currency used for medium of exchange secured by cryptography. It is not regulated by any government. It works on block chain technology which has complex algorithms to solve it. The owner has password and use it for transactions.
WHY TO REGULATE IT:-
-It can be hacked by hackers n owner losing all money in one go.
-It is creation of speculation n term as Ponzi schemes and investors might lose money if it doesn’t speculate.
-It is not under any government regulation.
-It can be good source of terror funding, hawala, Black money, drugs etc.
-High increase in price of bitcoin is luring public to invest in other crypto currencies without knowing their genuineness and is considered as scam.
-US and Korea is making regulation to control them or may ban also.
BENEFITS
-It brings ease of doing business by immediate payments all over world.
-They are not affected by inflation n access to everyone.
-They are converted into various currency n used accepted by travelling agency, crowd funding, making donation etc
WAY AHEAD
-They can be regulated by global government by bringing legislation n knowing names of person holding them n bringing transparency.
-They can be called as Commodity and control and manipulation brought under authority.
-It should be consider property for income Tax purpose.
-Regtech which can regulate crypto currencies should be developed. It uses artificial intelligence, big data and machine learning – technology that enables detailed data analysis on platforms such as blockchain.
