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.
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