Supreme Court has approved trade with virtual currency , also known as cryptocurrency. After a court order, transactions can now be done legally in virtual currency such as bitcoin. Earlier, the Reserve Bank had banned it.
On 6 April 2018, the Reserve Bank of India banned trade in virtual currency. At present, there are many types of virtual currencies in the world, in which bitcoin has the highest value. Bitcoin has a market cap of $ 161 billion and fell 0.39 percent to $ 8815 on Tuesday.
What is bitcoin?
It is not produced by any bank or any central authority like other currencies. Bitcoins produce computers called ‘mining rings’ and these computers solve complex math problems to achieve this virtual currency. It started with 50 coins on 2 January 2009 and batches are prepared every 10 minutes with new coins from the mathematical formula.