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Cryptocurrencies have become a number one of the top forms of exchange in the global financial sector. The evolution of technology in the world of finance The power of the digital assets that can be used as an exchange for a role traditionally played by money
Cryptocurrency types
Cryptocurrency is increasingly being used in trading. The most popular trade crypto currencies includes the following: Bitcoin, Litecoin, Ripple, and Ethereum. Bitcoin came into being in 2008 out of the blames that occupy Wall Street placed on banks for bad money. Litecoin is a type of cryotocurrency that is a peer-to-peer internet currency. Litecoin is made in a way that their value could be seen as four times more than Bitcoin's value. Ripple on the other hand is a payment protocol that allows currency exchange. Ethereum is a distributed computing system that also operates as a platform for blockchain-based computing
Source Of Fear?
Central banks and Governments all over the world are worried about cryptocurrencies. Crypto currencies are constantly gaining popularity and are being feared to outdo the traditional systems that use physical currency-money. There is no body that controls cryotocurrency unlike money that is controlled by banks. Singular body controlling the new form of currency causes uncertainty in the global financial sector. However, there are advantages of cryptocurrency that attract more users. For example, transactions can be made with very little or no charges at all. Also, governments do not have a taxing structure for cryptocurrency transactions. Much more can be retrieved from this monetary exchange.
India Court Room Fights
Cryptocurrencies, despite gaining popularity, have encountered opposition from the traditional monitory systems. In India, the Central Bank- Reserve Bank of India (RBI) moved to court seeking to stop payment companies and banks from engaging with cryptocurrency entities in April 2018. Crypto entities court. Kali Digital a crypto entity based in Ahmedabad went to Delhi High court to oppose the RBI ban on cryptocurrency. Currently the Indian Supreme Court has set a new date (15th January 2019) for the hearing of the petitions of the Crypto ban. According to RBI, crypto entities operations will be a violation of the Indian. Cryptocurrencies have caused a lot of heat in India's financial sector.
The Bank of India's worries in the banks of the world. If the cryptocurrency continues to penetrate the global financial sector, the two banks may be affected by the new digital currency. Governments all over the world may be on the losing end of the system formula or system for cryptocurrency transactions, a task that is not easy to achieve. Cryptocurrency's increase in popularity is becoming a slow poison to the banks and governments.
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