Riding the Bitcoin wave, many digital currencies have witnessed a rally in recent times. Now, another digital currency TRON has also joined the mania. TRON witnessed a huge surge on Thursday. On January 4, the digital currency traded around $ 0.15, which is approximately 100 per cent higher than the previous session's closing.
After touching the massive heights, the market capitalization of TRON jumped to $10 billion.
Following are the key things you should know about this upcoming digital currency:
So far in 2018, Tron has had a huge start with the currency going up by double digits every day of the year. As mentioned earlier, the market capitalisation of Tron (TRX) has risen to over $10 billion by $3 billion.
Tron is a blockchain-based, open-source protocol for the global digital entertainment industry in which TRX, Tron's token, is circulated. It was founded by Justin Sun. It was after Sun's tweet when the currency saw an uptick on indices.
Justin Sun's company has also announced earlier that it was partnering with popular gaming platform game.com where it will use TRX as a virtual currency.
TRX has been trading since mid-September.
Cryptocurrency in India
Meanwhile, Bitcoin, one of the largest and most well-known digital currency worldwide, has gained 1,300 per cent over the last 12 months to near $15,000, Coinbase reported.
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However, back at home, Finance Minister Arun Jaitley cautioned investors against the trap of crypto currencies. "Cryptocurrencies like Bitcoin are not legally recognised in India as they are not a legal tender," Arun Jaitley said in Rajya Sabha, clarifying that there is no consumer protection for those using Bitcoins as transactions are prone to hacking.
He told the House that since 2013, both the Reserve Bank of India and the Centre have consistently maintained that it's not a lawful legal tender.
He was responding to a question from DMK leader Kanimozhi whether there is any consumer protection available to the people who are already using cryptocurrencies.
"Having preliminarily examined this matter, whatever cautions are to be given, both, the Reserve Bank of India and the government, have been giving them from time-to-time to the people that those who deal with it deal with it at their own risk and peril," he added.
Jaitley informed the House that there are 785 virtual currencies operating all over the world and 11 such online exchanges have been identified in India.
"One of the features of crypto currencies has been that there is a lack of dependence on the state and that this function with a certain amount of anonymity. It functions within the virtual community which is created, and enjoys the trust of that virtual community itself. It operates through blogs and operates through WhatsApp groups etc," Jaitley added.
He informed that expert groups are looking into all aspects related to cryptocurrencies to understand how other countries are dealing with it.
A committee under the chairmanship of secretary of Department of Economic Aaffairs is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken.
