Dhananjai Rana, LL.M, O.P Jindal Global University
ABSTRACT
The flaws of our present banking system, such as high fees, identity theft, and great economic inequality, are discussed in terms of how cryptocurrencies can offer answers. and Cryptocurrencies could help with these problems. Beyond the banking sector, the technology that powers digital currencies is transforming supply chains and building a new, decentralized internet, among other things.
Most of the time, neither a government nor another central organization issues or regulates cryptocurrencies. They are managed through computer peer-to-peer networks that employ free, open-source software. Everyone who wants to take part is generally welcome.
The author's goal with this paper is to examine the viability and future of cryptocurrency in India. It would be interesting to track the developments in Crypto in an era when our country has yet to fully transition from a reliance on physical currency to a digital economy. It would be particularly interesting to note the developments in the world of crypto after the government announced its plan to bring a bill on regulating Cryptocurrencies through centralized regulation of the legislation in 2021. Operations of crypto rely on AI and cyber laws due to its virtual existence, it would be interesting to read through the vigilance mechanism that the government would impose because of the crypto.
Keywords: Cryptocurrency, legislation, legal-tender money, and Developments.
