Abstract
Cryptocurrencies, as a part of decentralized financial system and powered by distributed ledger technology is the future of finance. Although no one is responsible for the ledger, no one can control or falsify the claims made through blockchain technology. Cryptocurrencies backed by blockchain are transformative technology and a forerunner of virtual monetary system. Cryptocurrencies are created out of perceived ‘privacy’ need and drive to exit government intermediaries and financial institutions as a regulator of financials. Thus, Government should focus on timely policy planning, implementation and governance of blockchain and virtual currencies so as to prevent halt in data economy.
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