What Is Digital Currency?
There are concerns that cryptocurrencies are extremely risky due to their very high volatility and potential for pump and dump schemes. Regulators in several countries have warned against their use and some have taken concrete regulatory measures to dissuade users. The more anonymous a currency is, the more attractive it is to criminals, regardless of the intentions of its creators. Bitcoin has also been criticised for its energy inefficient SHA-256-based proof of work. Sweden is in the process of replacing all of its physical banknotes, and most of its coins by mid-2017. China has not yet put in motion a digital version of its currency, but showcased the product in front of the Beijing Winter Olympics. The Novi project officially shut down the digital currency research centre, and the Diem Association sold the assets in both USA and Europe. The Indian minister for finance Nirmala Sitharaman said the digital currency would provide a "big boost" to the digital economy and i...