Hethu Raghav S, BA LLB (H), Christ (Deemed to be University)
ABSTRACT
The basis of valuation of a person's net worth is using a currency or the assets he owns. Money is the most upmarket element that the world revolves around to the extent that it gave rise to a wing or ideology of politics. In a world of crime-to-be-rich, except for a few psychotic crimes exists, what if money was privatized and what if there was no government intervention and rules and regulations to govern money and currency? Cryptocurrency could be the one-word synonym for the above phrase, and governments around the world have begun to accept this currency. However, it has distinct features never witnessed in a currency before. The Indian government imposes taxes on a currency missing no opportunity to increase its income a couple of months after the RBI recommends a ban on the same. The legal position and the taxation of cryptocurrencies remain in the grey area to the public and will remain so till the government sheds some light on it. This paper enters the grey area and attempts to understand and deduce the above using existing evidence through the lens of law.
Keywords: currency, money, government intervention, Cryptocurrency, ban, law
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