Utkarsh Singh, Amity Law School, Amity University
ABSTRACT
Cryptocurrencies have become increasingly popular as a form of investment and payment, but their status and legality remain unclear in many jurisdictions, including India. The study analyzes the regulatory framework for cryptocurrencies in India, including the Reserve Bank of India's (RBI) guidelines on virtual currencies and the Securities and Exchange Board of India's (SEBI) stance on initial coin offerings (ICOs). The study also considers recent developments in India's regulatory approach to cryptocurrencies, such as the draft Cryptocurrency and Regulation of Official Digital Currency Bill, which seeks to ban all private cryptocurrencies while creating a framework for a central bank digital currency. Additionally, the study examines the potential impact of these regulations on the Indian cryptocurrency market and the challenges faced by stakeholders in complying with the evolving regulatory landscape. Ultimately, this legal study aims to provide a comprehensive analysis of the rules and regulations for cryptocurrency in India and their implications for stakeholders in the Indian cryptocurrency industry.
Keywords: Cryptocurrency, Investment, India, Reserve Bank of India
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