Virtual a novel addition to the digital world

Virtual
Currencies (VC) and cryptographic currencies are a novel addition to the
digital world and worldwide financial frameworks that is yet to be regulated by
legal structures internationally. The umbrella term Virtual Currency is
frequently used to signify bitcoins and different cryptographic forms of currency.
VCs
have of late pulled in a ton of furore in India. This year Indian Government
anticipates regulating the VC and other digital currencies and has formed a
panel to accelerate the process for the same. This initiative comes resulting
to Supreme Court’s admission of request of calling for authorities to regulate
the Indian Bitcoin industry. The regulatory
environment and acceptance of such currencies in India is still a highly debatable
subject matter. Cryptocurrency in bare terms is digital money which is
totally decentralized and not issued by any central authority and in this way its
valuation depends upon wide adoption of it as a
means of exchange.

The reasons for growing demand of such can be attributable to
its decentralized nature which gives it a huge advantage over fiat currency. However
its decentralised nature is itself one of the legal hurdles to its regulation
as the government cannot put it arms around such intangible currency. Apart
from being volatile in terms of market value they are managed by private
corporations who due to lack of an international framework and owing to the
well connected world easily manage to escape liability in
case of customer’s loss as well as any type of financial crime committed by and
through the use of e-wallets holding cryptocurrencies. Leaving behind all this
the most alarming concern is that of online route of bringing and storing of
cryptocurrencies which makes it easier to evade cross border taxes owing to the
lacunae in tax statutes of the countries. While some countries have explicitly denied
it legal value and discourages its use and trade for example, in India, U.K.,
Brazil etc. cryptocurrencies are unregulated due to absence of legal framework.
While in countries such as France, Finland and Germany these are regulated and legally
used.

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