Modit Johar & Archi Aggarwal, Guru Gobind Singh Indraprastha University
Abstract
The virtual sector requires laws and regulation, and prohibiting cryptocurrencies would limit their growth potential. We are living in an age of exponential technological breakthroughs. We've progressed from mobile banking to stock exchange to cryptocurrency. These technological advancements have already made life more manageable and feasible. According to some sources, India's largest cryptocurrency exchanges - WazirX, CoinDCX, and Unocoin - estimate that the nation has between 60 lakh and one crore cryptocurrency holders with combined balances of more than Rs 10,000 crore1. Globally, cryptocurrency has gained traction. We are technologically advanced age, and any progress will undoubtedly represent a danger. There is tremendous potential for investors, but it also carries risk. The phrase "virtual money" refers to an intangible means of trade that is not legal money; "cryptocurrency" is a subset of virtual money. As cryptocurrencies gained popularity, governments, central banks, and regulators started to show curiosity, curiosity, and skepticism.
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