CRYPTOCURRENCY: EVOLUTION, IMPACTS AND FUTURE IN INDIA (original) (raw)
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A Study on Latest Trends and Growth of Crypto Currencies and Its Regulatory Aspect in India
International Journal of Economics and Management Studies, 2022
As the use of cryptocurrencies grows, so are the restrictions that have been put in place to control them globally. This study would assist you in navigating the wide range of Bitcoin rules, legislative attitudes, and actions worldwide. To find out how India regulates the coins and exchanges and whether they have any pending legislation that might influence how they view cryptocurrency. The world of cryptocurrencies exploded last year. Currently, more than $0.9 trillion is invested in cryptocurrencies worldwide. And the number of cryptocurrency users globally is reportedly over 300 million. It reveals the crypto world's key developments in this new study (in 2022) and those that will probably endure at least through 2025.
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The post demonetization era in India witnessed a spurt in digital payments. According to the Payments Council of India, the growth rate of the digital payments industry, which was earlier in the range of 20-50 per cent, has accelerated post demonetization to 40-70 per cent (PTI, Money and Banking, 2017). Now when all this was happening, there was something more interesting taking place. The proclivity towards cryptocurrencies witnessed strong rally and now India accounts for more than 11 per cent of such trade globally(PTI, Money, 2018).Witnessing the strong rally, the government repeatedly warned against investment in cryptocurrencies and branded them synonymous to ponzy schemes and reiterated that it does not recognize the cryptocurrencies as legal tender(PTI, Money, 2018). This paper attempts to explore the causes that are pushing the crypto currencies to the crescendo, despite indifferent attitude demonstrated by the legislations. This work also aspires to throw light on the future of crypto currencies in the Indian context.
Cryptocurrency: A New Millennium Currency (Problem and Prospects in India
International Journal for Research in Applied Science & Engineering Technology (IJRASET), 2023
Crypto currency is the latest and the most significant development in the financial industry. It has brought a revolution in the Indian financial markets and created a challenge for the banking industry by presenting it as investment opportunity. Bit coin, the first and the most popular crypto currency launched in the year 2009. It has given the other option to the long standing and unchanged financial payment system which is existing for many decades. It is a decentralized digital currency that can be sent from user to user on the peer-to-peer. In the bitcoin network it can be sent without the need for intermediaries, where transactions are done through a public ledger called block chain, where user data is stored anonymously. It has created a robust digital trade markets where there is free flowing trading system without fees. They are not going to replace the traditional system of payments but they have changed the way of making payments through internet and interaction of global markets. In addition to this has given an investment option too. In the light of above facts current research has been conducted to know the status of cryptocurrency in India, various types of crypto currencies existing in India its problems and prospects. It was found that there is no legal regulation to control their operation only current announcement in the budget gains arising from the trading of these currencies has brought under taxation. But till date RBI has not given any recognition to it and the user /investor is responsible for their risk.
Future of Cryptocurrency in India
IJRRA, 2021
The future of cryptocurrency in India is a subject of significant interest and debate. This abstract provides a concise overview of the potential trajectories for cryptocurrencies in the Indian context. India, as a rapidly developing economy, is poised to play a pivotal role in shaping the future of cryptocurrencies. However, the regulatory environment has been marked by uncertainty, which has influenced the adoption and growth of cryptocurrencies in the country. The Indian government has oscillated between skepticism and openness toward cryptocurrencies. The Reserve Bank of India's (RBI) ban on crypto transactions in 2018, subsequently overturned by the Supreme Court in 2020, highlighted the regulatory ambiguity. The future will depend on the government's willingness to establish clear regulations that balance innovation with security. The public perception of cryptocurrencies in India has evolved from initial skepticism to growing interest. As more Indians explore cryptocurrencies as an investment and transactional option, their influence on the regulatory discourse is likely to increase.
ABSTACT This paper talks about strengths, weaknesses, Opportunities and Threats of Cryptocurrency and its scope in India. Cryptocurrencies are considered to be profitable investment in long run. Because of its various advantages: Easy availability, No involvement of any mediator, Fast payments, Low transaction fees and Information privacy. However, Cryptocurrencies also suffer from some weaknesses. Security of data and cryptocurrency has been major concern. Interestingly, though there is lack of clarity about legal status of cryptocurrency in India, the country may levy Goods and Services Tax on cryptocurrency trading. Central Board of Indirect Taxes and Customs has proposed to levy 18% GST on dealing of cryptocurrency.
AWARENESS ABOUT CRYPTOCURRENCY IN INDIA
In 2017, the term 'Bitcoin' was searched 8 times more than the term 'Kardashian'. So what is the bitcoin? Or some as saying cryptocurrencies and how many people know about it and what do they know about it. Is Bitcoin the next economic bubble? This research is conducted to find what people know and what they think about the cryptocurrencies, this survey includes one's view about payment methods, about their preferred mode of investment, and their views and opinions about cryptocurrencies.
Introduction to Cryptocurrency: An Overview
Shanlax International Journal of Economics
Cryptocurrency is one of the safest digital money. The currency has broader usage. Bitcoin and different sorts of tokens in addition to coins with all forms of cryptocurrency were utilized in India for a long term now. Cryptocurrency has no fund transfer limit, account of the people cannot be hacked and also there is no central point of failure. The transactions of these sites cannot be handled by a third party. Therefore this paper mainly focuses on secondary data to understand the concept, types, advantages, disadvantages, and legal status of cryptocurrency in India. The study found that cryptocurrency brought out an effective advancement to the sectors like e-business and e-payment. Nevertheless, the cryptocurrency had lack of trust yet. It is must to take adequate steps by the India Government to administer for making it safer, transparent and more trustworthy.
A study on the relationship between Crypto-currencies and official Indian foreign exchange rates
Materials Today: Proceedings, 2021
This paper examines the relationship between Crypto-currencies (Bitcoin, Ethereum, Binance Coin, Litecoin) and Official Indian Currencies foreign exchange (USD, GBP, EURO, YEN) rates using daily data from 17-Dec-2019 to 17-Jun-21. A literature review was undertaken on current increase on the importance of cryptocurrencies and the relationship between Crypto-currencies and Indian Currencies foreign exchange rates(ICX). Statistical models of Correlation, Durbin-Watson (DW), multiple regression analysis is employed to establish their relationship. The author's findings from the results that except for YEN with Ethereum and USD with Binance Coin & Litecoin there is absence of any significant relationship between ICX and Cryptocurrencies exchange rate. The outcome showed the occurrence of a significant positive relationship among Bitcoin with Ethereum and Binance Coin; Ethereum with Bitcoin and Binance Coin; Binance Coin with Litecoin and Litecoin with Binance Coin. Finally, the analysis found that because the USD and Litecoin have a negative association, the former can be used for hedging and diversification. The research also reveals that Indian foreign exchange markets have little impact on cryptocurrency markets, which could be attributed to the lack of legal recognition by government, which impacts public opinion, resulting in low public acceptability. Hopefully, the recent decision of the Supreme Court will act as a catalyst for dealing with cryptocurrencies and for promotion of crypto trade integration in India.