Whether Cryptocurrency will be the new secure payment option in India

September 10, 2021 By Damodhar C Off

In the era of information and communication technologies has brought various benefits in financial and corporate sector. There is various kinds of trading, dealings and currencies which is arising out of which Cryptocurrency is monetary methods which is given importance in recent years.  Cryptocurrency denotes currencies which are cannot be seen and valuable and which can only be by electronic modes in various ways which are social networking, peer to peer networks, in virtual transactions and such other manner in which these type of currency is accepted. It means as a medium of buying and selling, which is apart from physical real money which is used in various dealing whether it be online or physical transactions. From the period of barter to commodity money, metal and coins, gold and silver, from modern monetary system and now with latest which is globally currency growths, Cryptocurrency which is called Bitcoin.

Bitcoin which was launched in 2009 is a medium which is used globally independently without any government regulations or any central bank. It can be exchanged easily for goods and services. It provides depositors to execute transactions by their own without any assistance of financial segments because it is considered as a digital currency which is a substitute for currency market. In India the use of Cryptocurrency is still in progress stage where Supreme Court lifted the ban of cryptocurrencies in the year March 2020. This research paper will cover the rise of Bitcoin in India and what is the advantages and disadvantages, also what the legal status is and how does Bitcoin works in detail. The research will thereby conclude by certain suggestions as per required.

This research is a doctrinal study relating to Bitcoin in India. This paper will be based on various readings, observations from different authors, journal as well as research articles. The Library-based research method will be followed for deriving the answer for the research problem. The search will be conducted on the basis of primary sources such as statutes and secondary sources such as books, online articles. The paper is based on pure theoretical research.

REVIEW OF LITERATURE

The Author[1] explains the concept of Cryptocurrency and what is the effect of Cryptocurrency in India. The Author also provides with various limitations which can be faced. The Author also explains about the legal status of Cryptocurrency along with reasons. The Author also sheds light about what is the present and future of Cryptocurrency in India and also described in detail about the various benefits or issues it is facing.

The Author[2] gives us a brief about the Cryptocurrency, its types, features and also about how Bitcoin was made introduced in the year 2008. The Author explains how the does Bitcoins works and also the statutory status in India. The Author provides the various advantages and disadvantages of Bitcoins as well as the opportunities and challenges it has in Indian economy.