top of page

Cryptocurrency- What It Is And Its Legal Status In India And Globally?





Advocate Raghav Sood, GGSIPU


ABSTRACT


A cryptocurrency is a virtual currency that is protected by cryptography, which deems it impossible to be forged or double-spend-Based on the blockchain technology. Blockchain is a system of recording information that makes it difficult or impossible to change, hack, or cheat the system-Legality of Cryptocurrency- India and worldwide. Countries giving legal sphere to cryptocurrency- U.S.- The IRS (Internal Revenue Services) provided on tax treatment of crypto; Canada- The CRA (Canada Revenue Agency) treat the cryptocurrency as a commodity, The European Union and El Salvador. Countries imposing ban on cryptocurrency- China and Russia- Cryptocurrency in India: Government’s stand and its legal status- Ban on cryptocurrency in India- Why government’s are afraid of cryptocurrency- Reasons for government not in favor of cryptocurrency- Loss of Control Due to Decentralization; Crime Concerns; Fiscal Treatment is Complex; A Threat to the Business of Central Banks- Conclusion.


留言


Indian Journal of Law and Legal Research

Abbreviation: IJLLR

ISSN: 2582-8878

Website: www.ijllr.com

Accessibility: Open Access

License: Creative Commons 4.0

Submit Manuscript: Click here

Open Access Logo

Licensing:

​All research articles published in The Indian Journal of Law and Legal Research are fully open access. i.e. immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

Disclaimer:

The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the IJLLR or its members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the IJLLR.

bottom of page