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Legality of Digital Currency

Digital currency allows users to remain anonymous when executing transactions. In addition to being a decentralized cryptocurrency with no central authority detached from any government, bitcoin is also a peer-to-peer payment system. As such, it offers a convenient way to execute cross-border transactions by having virtually no exchange rate fees or transaction costs. The Coins e.g. bitcoin can be anonymously used to execute transactions between users, anywhere around the globe, makes it extremely attractive to conduct criminal activities such as money laundering. Some countries have started a framework on how to regulate the currencies . Do you think the coins will lead to the collapse of the banking system ?

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