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ARTICLE · 24 JULY 2020

Decrypting Crypto: A Look At Cryptocurrencies And Its Regulation In India

Chandhiok & Mahajan
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The history of cryptocurrencies can be traced back to (another) tumultuous time during the 2008 financial crisis when the trust in financial participants, such as banks and government institutions, was sharply waning.

IndiaTechnology
Kaushalya Venkataraman
Kaushalya Venkataraman
Lagna Panda
Lagna Panda

The history of cryptocurrencies can be traced back to (another) tumultuous time during the 2008 financial crisis when the trust in financial participants, such as banks and government institutions, was sharply waning. Bitcoin1 was introduced as a currency that had trust as its very foundation, because of how it functions. Bitcoin is underpinned by a decentralized and distributed ledger technology called "Blockchain". Aptly described by the authors of the book - The Truth Machine: The Blockchain and the Future of Everything, blockchain technology produces "an immutable" ledger that is not controlled by a single, centralized entity but by a "consensus protocol" thereby making the ledger a "shared record of the truth"2.

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