Should I continue this long distance relationship?Online relationships should be temporary. You might meet online, chat for awhile, find you are both interested, then you meet in person. Otherwise, it is a fantasy at best, and a dangerous scam at worst.
If you and your online friend decide to meet, that is the time to talk to your parents. Tell them all you've told us. Do NOT meet him without their consent. Do NOT meet him alone. Do NOT give him any personal information (address, school, etc.). And do NOT send him any explicit messages or photographs. This is all Online Relationships 101, which you may not be familiar with.
It is easy for some people, especially when they are so much older and more experienced than you, to sound like the perfect person, to say all the things you long to hear, to appear to be the only one who understands you-- in other words, to manipulate you. Someone who cared for you wouldn't drag out an online relationship that is going nowhere, and is against the wishes of your parents. A decent person would encourage you to get out and spend time with your friends and people of your own age.
Of course someone else can love you as he allegedly does. Don't start grabbing fantasy thoughts and pretending they are reality. You are smarter than that.
It's tough that you are not allowed a boyfriend, but that shouldn't stop you from spending time with your friends. It is ok to concentrate on your studies for awhile. It's not ok to have a secret relationship with a man, against the wishes of your parents and truly, potentially against your own personal safety.
The best thing to do would be to cut the relationship off: delete, block, mute. Of course you will miss the imaginary intimacy you shared, that is normal. But a relationship going nowhere sucks the life out of people. Give him up, and come back to the real world. It's pretty nice out here.