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Advantages And Disadvantages Of Cryptocurrency

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5000 years ago, people used ‘Mudras’ or the stone coins as a medium of exchange during the Indus Valley Civilization. After which the metal currency was a lot in India before the Mauryan Empire (322-185 BCE). Now as the metal and paper currency is mostly served as a medium of exchange, cryptocurrencies are a phenomenon known to many people. These are the digital assets which act as a medium of exchange. In most developed as well as developing countries, these types of virtual currencies are used for many purposes. In India, there are many types of cryptocurrencies used, most commonly in the forms of Bitcoins, another type includes Lite coins, Ripple, etc. Bitbay, a Poland based Bitcoins exchange platform has recently opened a trading platform in India. It is traded via token exchange in a peer to peer server without an intervention of third party. India being a developing country is a main market for trading such currencies. As the Reserve Bank of India has still not recognized these cryptocurrencies, people are trading on their own risk. Many Indian startups like Zebpay, Unocoin, Coinsecure, etc. are making money by opening wallets as well as trading platforms for these cryptocurrencies. Cryptocurrencies are challenging because it is a violation of Foreign Exchange Management Act (F.E.M.A) and Anti Money Laundering provisions as there is a smart contract, with improper KYC (Know Your Customer) guidelines and improper cross border transfer. Smart Contracts are the

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