Exploring the need, progress of cryptocurrencies being regulated globally
Cryptocurrencies were launched in 2008 as alternate digital currencies to disrupt the traditional banking and payment systems, and make them more efficient, convenient, and secure by eliminating the onerous operational and security processes associated with conventional money.
Despite their extreme volatility, these currencies managed to create an extraordinary buzz worldwide, resulting in an explosion in the number of users, which now includes established financial services institutions and leading companies.
In their current state, cryptocurrencies are not considered a substitute for money, as several points of contention pertaining to their value stem from the fact that they are not issued by any sovereign authority and are not backed by the majority of central governments.
