A Research Study on the Importance of Cryptocurrency in India

Abstract

A cryptocurrency is digital money that is primarily based on blockchain technology. The country's central bank and government issue and manage currency to combat inflation and deflation. Many governments throughout the world are now focusing on digital currencies and transactions. Even some people are opposed to regulating their money and transactions. This resulted in further innovation in a new currency, crypto currency, which is one of the most advanced, ambiguous, and regulation-free currencies. In this paper, I attempted to research crypto money, its development, and future prospects in India. The use of virtual currency has spread across several systems in recent years.  Since virtual currency is not properly controlled and supervised, the majority of nations have not included it into their economic processes. This essay investigates whether cryptocurrencies are currently legal as well as any potential consequences of pending legislative changes. The study also evaluates investment risks in both Bitcoin and Gold countries to see how they have reacted in terms of regulations and legislation, in order to build a comprehensive picture of its impact on various laws in India to control it.