The popularity of digital currencies using blockchain software has been growing over the last few years. These digital currencies are encrypted i.e. coded hence they are also called cryptocurrency.
Currencies around the world are controlled by the central banks of the country but not in the case of cryptocurrency, it is collectively controlled by the people who buy and sell it.
That is why the governments of most countries either consider them illegal or are trying to control them in some way.
Unlike countries such as India, China and the United States, the South American country of El Salvador has now legalized its use.
However, when El Salvador sought technical assistance from the World Bank for the legal implementation of the cryptocurrency, the World Bank refused to accept it, citing transparency and environmental concerns.