What Is a Cryptocurrency?

Via: Investopedia.com

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

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Cryptocurrency Regulations In India

Cryptocurrencies: Not legal tender
Cryptocurrency exchanges: Effectively illegal – regulations being considered

Cryptocurrencies are not legal tender in India, and while exchanges are legal, the government has made it very difficult for them to operate. Although there is currently a lack of clarity over the tax status of cryptocurrencies, the chairman of the Central Board of Direct Taxation has said that anyone making profits from Bitcoin will have to pay taxes on them. Other Income Tax Department sources have suggested that cryptocurrency profits should be taxed as capital gains.

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