Cryptocurrency Regulations And Prospects Of Economic Development – A Study With Reference To India

Saakshi Singh, LL.M. (Corporate and Commercial Laws), KIIT School of Law, Bhubaneshwar

ABSTRACT

Cryptocurrency has been a hot topic of conversation among the general public recently. Cryptocurrency is becoming more attractive to investors who value privacy and the generation of money in an era of technological advancement. In contrast, a large section of the populace is puzzled by the general performance of crypto. Bitcoin was the first decentralised cryptocurrency, Introduced in the year of 2009. Due to the fact that it is a digital value on the internet, cryptocurrency does not have a physical existence. These currencies can be used as cash equivalents for transactions and other business purposes. The cost of using cryptocurrency is significantly less than that of using a financial institution's credit card processing system. Decentralized virtual currency, or cryptocurrency is a revolutionary concept. Similar to gold, it has proven to be a new investment tool in India. The Indian government has banned the purchase and sale of cryptocurrencies, despite the fact that there is no regulatory authority or legislation in place in India to control cryptocurrency trading and transactions. The use of crypto-currencies in Indian marketplaces is restricted.

The aim of this research is to focus on what cryptocurrency is and how it affects the Indian economy. The research also looks at the current status of cryptocurrencies in India, the need to regulate the cryptocurrencies and their future prospects in Indian financial market.

Keywords: Cryptocurrency, Impact on Indian Economy, Bitcoin, Financial Institutions