Decoded: What is a cryptocurrency and how does a blockchain work?

It's a virtual currency. Every crypto-coin is a unique code, like the serial number on a banknote

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Transactions are verified via an electronic ledger called the blockchain

Devangshu Datta New Delhi

6 min read Last Updated : Mar 20 2021 | 6:10 AM IST

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is likely to be tabled in Parliament soon. While details of the Bill are not yet known, various voices from within the government have talked about imposing a blanket ban on cryptocurrencies or experimenting with them or allowing them in only limited and closely monitored scenarios. But what is this “currency” that’s making the world go round? To know, let’s get back to basics.

What is a cryptocurrency?

It’s a virtual currency. Every crypto-coin is a unique code, like the serial number on a banknote. Transactions are verified via an

Topics : Bitcoin Reserve Bank of India cryptocurrency cryptocurrencies Blockchain

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