Recent Trend in Crypto Currency in India Vs Global: Issues and Challenges-Overview

A crypto currency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Crypto currencies are a type of digital currencies, alternative currencies and virtual currencies. Crypto currencies use decentralized control as opposed to centralized electronic money and central banking systems. Although the concept of electronic currency dates back to the late 1980s, Bit coin, launched in 2009 by pseudonymous (and still unidentified) developer Satoshi Nakamoto, is the first successful decentralized crypto currency. In short, a crypto currency is a virtual coinage system that functions much like a standard currency, enabling users to provide virtual payment for goods and services free of a central trusted authority. The decentralized control of each crypto currency works through a block chain, which is a public transaction database, functioning as a distributed ledger. Now it is the era of digitization. Currency has also become digital. One of the latest forms of currency is virtual or digital currency and it is called Crypto Currency. In present paper an attempt has been done to understand the concept and issues and challenges of Crypto Currency and its Advantages and Disadvantages with its legal acceptability in different countries. Crypto currencies are used primarily outside existing banking and governmental institutions and are exchanged over the Internet. While these alternative, decentralized modes of exchange are in the early stages of development, they have the unique potential to challenge existing systems of currency and payments. RBI bans Bit coin and other virtual currencies, investors concerned for tax dues.