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Governor of Reserve Bank of India (RBI), Shaktikanta Das raised alarm on cryptocurrencies and cautioned investors on potential pitfalls of digital currency.
What is cryptocurrency?
Cryptocurrency is the collection of binary data. It is designed to work as a medium of exchange. In such system, individual coin ownership records are stored in a ledger. Ledger is a computerized database using strong cryptography for securing transaction records. Ledger also control creation of additional coins and verify transfer of coin ownership. Cryptocurrencies are generally fiat currencies because they are not backed by or convertible into a commodity.
By: Brijesh Kumar ProfileResourcesReport error
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