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A crypto currency is a digital or virtual currency that is protected by cryptography, which makes it impossible to counterfeit or double spend it. The main difference between crytocurrency and fiat currencies like rupee, dollar etc is that it is not backed by government and free from government interference. Though some governments have launched their own cryptocurrencies like Venezuela has launched its own digital currency named petro, but most countries across the world including India are against private crytocurrency like bitcoin because private crytocurrency can be easily used to defraud consumers, finance terrorism, central bank would lose control over monetary policy. And also there is no grievance readdressal mechanism in these kind of currencies. This news is related to the topic Indian economy and Science and Technology- developments and their applications and effects in everyday life of general studies paper 3.
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