Cryptocurrency In India: Impertinence To Competition Law
- IJLLR Journal
- Aug 12
- 1 min read
Sreenidhi M, School of Law, SASTRA Deemed University, Thanjavur, Tamil Nadu.
ABSTRACT
The author through this deductive study and interpretation bring to the forefront the application of Competition Law in the unregulated world of virtual currency. Though having risen to popularity rather quickly, the usage and workings of a such a currency in our nation remain to be outside the scope of law. The author begins by explaining in layman’s terms what cryptocurrency is in the eyes of the law and how this phenomenon functions on a daily. The paper proceeds into the history and application of Competition Law in India delving into the relevance and purpose of the Competition Act of 2002 and the powers and functions of the Competition Commission of India, an authority with the power to interpret and exercise the provisions of the previously mentioned statute. Concluding the paper with what is the matter in question – Can Competition Law apply in the sphere of crypto assets as they would other economic assets? The author answers in negative while substantiating the same with 2 methods of determination of liability and bringing to light a lesser known but predominant flaw in the system and nature of cryptocurrency i.e., the opacity effect.
