How Will Indias Fairer Regulation Of Cryptocurrencies Affect The Casino Industry?
Cryptocurrency is referred to a wide array of technological developments that utilize a technique better known as cryptography. In simple terms, cryptography is the technique of protecting information by transforming it (i.e. encrypting it) into an unreadable format that can only be deciphered (or decrypted) by someone who possesses a secret key. Cryptocurrency is secured via this technique using an ingenious system of public and private digital keys. However, no generally accepted definition has been agreed so far. In particular, World Bank has classified cryptocurrencies as a subset of digital currencies, which is defined as digital representations of value that are denominated in their own unit of account, distinct from e-money, which is simple a digital payment mechanism, representing and denominated in fiat money. Meanwhile, the European Banking Authority has suggested to refer to cryptocurrencies as virtual currencies, which it defines as digital representations of value that are neither issued by a central bank or public authority nor necessarily to a fiat currency but are used by natural or legal persons as a means of exchange and can be transferred, stored or traded electronically[1].