Can Cryptocurrencies Be Used Like Physical Money?
Theoretically speaking, cryptocurrencies can be used to pay for goods and services, and in that sense, they are similar to physical currencies. Remember, cryptocurrencies are virtual and hence cannot be held in the physical form.
However, in many countries of the world, cryptocurrencies are not considered a legal mode of transactions and since we are guided by the law of the land we have to obey the same.
In India, cryptocurrencies cannot be used to buy and sell goods and services. However, cryptocurrency trading is legal as of January 2021.