Technology issues behind cryptocurrencies
The issue of a parallel economy on cryptocurrency networks has caused governments to take a stern view on cryptocurrencies
In a recent move, the Reserve Bank of India (RBI) barred banks and other regulatory entities from dealing with cryptocurrency dealers. In January, a cyber law expert filed a public interest litigation with the Calcutta high court, demanding a proper framework to regulate cryptocurrencies. These developments have brought the potential risks associated with cryptocurrencies to the fore. While researchers and stakeholders are exploring the benefits of cryptocurrencies and their underlying technologies, the volatility and the susceptibility to attacks cloud the many potential benefits that they can offer. The risks associated with cryptocurrencies are becoming increasingly evident, along with their potential benefits, thus underscoring the need for a proper understanding of technical issues, which are imperative for robust solutions.