Proposal

Introduction

Overview:

This research establishes to explore the degree of acceptance and its related issues in the UK. With the advent of technology, recent years have observed disruptive innovations in wide variety of sectors such as Hospitality, Logistics as well as Data Analytics. It is interesting to note that, in present-day-scenario, only 8 percent of the world's money comprises physical notes while majority of the transactions are constituent of digital sources such as credit or debit cards and payment apps among others. One such concept relates to Cryptocurrency. Since time immemorial, every era or dynasty minted their own coins for the purpose of conducting financial transactions in a manner which could be easily measured. In recent years, virtual currency has gained immense prominence and stirred up controversy all around the world. One can define this virtual currency as a digital asset which is developed to facilitate the exchange of commodities in return for definite units of cryptocurrencies. One of its main feature is that it is decentralised in nature. Thus, it is not backed by a central bank or federal authority who has the power to determine the manner in which it would be circulated within a particular economy. This is a crucial piece of information since the world's cash reserves are valued on the basis of Gold Standards.

Background:

Crypto-currency is a digital asset that follows the rules of cryptography so as to conduct financial transactions in a secured and highly controlled environment. It includes utilisation of encryption techniques which help in regulation in terms of units generated and funds transferred from one point to another. One of the key features of this concept is that they are difficult to counterfeit. With no central authority to regulate its circulation, Cryptocurrency has proven to be a highly decentralised medium of exchange for its users. These decentralised systems are mainly based on a technology known as 'Block-chain' which acts as a ledger for all the transactions that are engaged into by using this currency.

Blockchain can be defined as a technology that includes a chain of blocks. These blocks are a digital piece of information which detail the date, time and amount regarding the last transaction that a user engaged in using cryptocurrency. Thus, place of transaction as well as one's digital signature is recorded through this technology. It is important to note that each block contains a unique code known as 'hash' which enables one to distinguish between two or more blocks.

In the present day scenario, there are many countries where crypto-currency has been accepted and recognised as a valid source from transactional perspective. In the context of UK, there is no specific regulation governing crypto-currency trades. However, the government has not awarded this asset the status of valid currency although HMRC has added certain clauses regarding the tax treatment of such virtual assets, specifically relating to the Capital Gains Taxes.

Research Aim:

To explore the key issues surrounding the acceptance of crypto curr

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