An Investigation of the Cryptocurrency: The Case of India

Abstract

The internet revolution has been fueled by the rapid advancement of information and communication technology during the past several years. A larger population uses various online platforms actively and participates in payments, money transfers, and the buying and selling of goods and services. Nowadays, trade is done on online platforms. Cryptocurrency is a brand-new idea that has emerged in this new technological era. Cryptocurrency is a type of virtual money that is used for trading and transferring valuable intangible assets. Over a short time, the bitcoin industry has rapidly developed into a market for investments. Since the launch of the first cryptocurrency, Bitcoin, in January 2009, a great number of additional cryptocurrencies have been created due to consumer demand and its rising popularity. This study looks into the current legality of cryptocurrencies as well as the potential effects of upcoming legislative changes. In order to create a comprehensive image of its impact on various laws in India to control it, the study also analyses investment risks in both Bitcoin and Gold that countries have responded to in terms of rules and legislation.