What Is Crypto Currency?

Cryptocurrency is a collection of binary data, which acts as an exchange, that is, as an exchange. Records of ownership of privately made coins are stored in a ledger, which is a computerized database and controls and ownership of additional coins to store transaction records. And a strong and highly secretive coding is used to secure its transfer. This is called cryptography. Cryptocurrency is basically fiat currency, which cannot be converted into notes, nor can it be converted into anything. Cryptocurrency is basically a system of value. When investors buy cryptocurrencies, they buy with the expectation that their value will increase in the future, just as stock market investors buy securities and they believe that the company will grow and share prices will rise. However, the rise in stock prices depends on the company's future cash flow estimates. While cryptocurrency does not have such a system, because it does not have any company or industrial entity, but its dependence is connected with the purchase of investors. That is, the value of a cryptocurrency depends on the likelihood of investors buying an asset or the usefulness of a cryptocurrency blockchain. The cryptocurrency operates on blockchain technology.

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Former Reserve Bank of India Governor Raghuram Rajan has warned that the use of digital US dollars could have a detrimental effect on poor countries. He said that although the digital dollar could provide much-needed financial services to many people in poor countries and where basic financial infrastructure is lacking, it could have unintended and detrimental consequences. The readily available digital dollar will deplete local currencies, which could pose a serious threat to the country's financial system.
The government is going to bring "Corrupt Currency and Regulation of Official Digital Currency Bill" in the winter session of Parliament. The bill also calls for a ban on all personal cryptocurrencies in the country, as well as legalization of digital currency issued by the Reserve Bank of India. There are currently hundreds of cryptocurrencies operating in the world under different names. What is its legal status? Is it legal to buy it? Muslims in particular need to be aware of its legal status as well as its sharia status. It is hoped that the scholars will pay attention to this and issue clear guidance and bring its clear and unambiguous status before the people.

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