Allowing a parallel currency system is, therefore, antithetical, besides being a danger.If cryptocurrencies are used just as an investment option, we should also allow betting on cricket matches where at least there is physical money being transacted

With the Bitcoin touching the $50,000 mark, the cryptocurrency concept is back on the discussion table. A cryptocurrency is an anonymous currency created using blockchain technology, and it can be used for buying goods or as an investment. Investors like this concept as cryptocurrencies operate without any regulation. Hence no one has seen the inventor of the Bitcoin, even though a name is associated with it. In addition, the belief is that governments and central banks don’t do the right thing with currencies and hence it makes sense to invest in cryptocurrencies. If this is the raison d’etre of having such currencies, the irony is that its value is denoted in dollars, which anyway is accepted as the major anchor currency across the world. Those who invest in the Bitcoin hope the value goes up and that they can exchange it for dollars and become rich. This is the crazy thing about cryptocurrencies.

Cryptocurrencies should not be allowed for sure because of the anonymity concept. India has embarked on a drive against black money, and demonetisation was an aggressive, though failed, move to control its growth. Tax authorities are hammering away at all the
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