What is a virtual currency? Why do you think crypto currency was banned by RBI?

Virtual currency refers to a digital representation of value that is not issued or guaranteed by a central bank or government. It exists solely in electronic form and can be used as a medium of exchange, typically within a specific online community or virtual environment. Unlike traditional currencies, virtual currencies are decentralized and operate on distributed ledger technology, most commonly blockchain.

Cryptocurrency is a specific type of virtual currency that utilizes cryptographic techniques to secure transactions and control the creation of new units. Bitcoin, Ethereum, and Litecoin are some well-known examples of cryptocurrencies. These digital currencies enable secure, peer-to-peer transactions without the need for intermediaries like banks.

Reasons for RBI's Ban on Cryptocurrency:

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