Why in News?
The Finance Minister Nirmala Sitharaman said on November 30, 2021, that the Central Government will soon introduce the bill on Cryptocurrency- ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’- after the Union cabinet’s approval. The Bill has now been delayed which was to be tabled in the Winter Session of the Parliament.
What is Cryptocurrency?
- The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network.
- Cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
- Blockchain Technology forms the foundation of many Cryptocurrencies that exist today.
- Eg. Bitcoin, Ethereum, Dogecoin, LiteCoin etc.
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