ANALYSING THE CRYPTOCURRENCY ON INDIAN ECONOMY
AUTHOR – SAMARPITA DAS, STUDENT OF AMITY INSTITUTE OF ADVANCED LEGAL STUDIES, AMITY UNIVERSITY, NOIDA
BEST CITATION – SAMARPITA DAS, ANALYSING THE CRYPTOCURRENCY ON INDIAN ECONOMY, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (1) OF 2024, PG. 771-775, APIS – 3920 – 0001 & ISSN – 2583-2344.
Abstract
A number of the most recent advances in the fields of digital currency, cryptocurrency is a development that has the capacity to simplify the method of making financial transactions abroad. It has been gaining popularity in the global marketplace owing to the reality that it was founded on the blockchain technology, which excludes the likelihood of any central authority intervening in transactions which relies on data maintained on a computer. Cryptocurrency, when compared to traditional financial institutions, possesses a decentralized management structure. Whenever bitcoin first became available to the around the globe market, it made it easier than ever to carry out business across various areas of the entire globe. Additionally, there have already been plenty of countries which have begun to use cryptocurrency as a medium of commerce, and India encompasses the second-greatest adoption rate of cryptocurrencies internationally. Although that, the Reserve Bank of India continues to make it abundantly clear that transactions involving cryptocurrencies are strictly forbidden by law. nevertheless, as the outcome of a ruling made by the Supreme Court of India, bitcoin will now only be treated as an asset, akin to gold; nevertheless, according to Indian law, it has not yet been deemed as an instrument of exchange. The objective of this study is to examine the concept of cryptocurrency in addition to the legality of cryptocurrency in India along with other countries throughout the globe. In furtherance of the above, the study addresses the lawfulness of cryptocurrencies and the regulatory framework that governs cryptocurrencies.
Keywords: Cryptocurrency, Legality of Cryptocurrency, Cryptocurrency as a medium of commerce, Block Chain Technology.