Legal Status of Virtual Currencies/ Cypto currencies by Gurmit Combo
Crypto currencies are highly volatile and risky investment options. They are not under legal tender in any jurisdiction unlike the conventional currencies issued by the monetary authority. The crypto currency are also not controlled or regulated and their price is determined by the supply and demand of their market. Impact of the virtual currencies on the various economies and social processes in the modern world is becoming more significant day by day. In United States Crypto currency are considered legal; however there does not seem to be consistent legal approach to them. Laws change greatly state by state and federal laws are not in consensus as to what these virtual currencies actually are. Crypto exchanges also face much uncertainty when it comes to regulation. US is beginning to take steps to create some kind of framing crypto regulation. US treasury has been outspoken regarding the regulation of crypto currencies to keep check on criminal activities. The virtual currency is