The traditional ways of buying and purchasing using cash and paper currency have gradually witnessed a change in the recent times. With the use of Debit and Credit cards it was thought that the entire world was going the plastic way. It was considered safe also in the wake of ongoing Corona scare. Now things are destined to take turn for the better as there is an International equivalent currency which is the digital form of currency. It is free from the hassle of inter conversion and other such complications at the borders. Any transaction can be carried out in any part of the world using this mode of currency which lacks any physical presence.

 It is non encrypted form of the digital currency and users name and passwords need to be protected. Whereas the crypto currency uses the block chain technology to carry forward the transactions and records and stores data in a public ledger that can be accessible to everyone based on a decentralized system. It nullifies the need of any central authority and is strongly protected by encryption.

Both in crypto as well as digital currency there is no loss of value and no conversions are required. Both are virtual and touch free currencies, money transaction is 24/7 and is without hassles. These do not cause any complications even at International borders. Leakage of crucial information might pose a potential threat in case of digital currency and valuable data could be stolen and accounts hacked.

The Government of India is planning to formally regulate the use of crypto currency and the RBI will officially announce Nation’s own crypto currency just like the Bitcoin and Ethereum.

Are digital assets and crypto currency an answer to the regular paper currency?