Cryptocurrency : Legality, Investment and Usage

Abstract

From 1680-1980 paper currency gained popularity and is used across the world that is how modern currency came into existence. Modern currency includes paper currency, coins, cards, and digital wallets and all of this is controlled by banks and governments which means all transactions are observed by the centralized regulatory authority. In the year 2009 cryptocurrency was born as a form of digital payment currency. Cryptocurrency value is increasing another way we can mine cryptocurrencies like bitcoin. Over the years there has been an ongoing debate regarding its use, whether it is a good and/ or safe investment, is it legal to use cryptocurrency the same way we use paper currency, etc. This paper gatherers information by analyzing and studying the different laws, legality, trading, and how different countries have used it as an approach to boost their economy, some countries have allowed individuals to trade without their profits being taxable, while those of business profits are and how some countries have allowed its use but are banned by the banks.