Raj Yadav, Indore Institute of Law, Indore
ABSTRACT
This paper tries to dive into the complexities of the cryptocurrency bill in India, which was introduced in the financial year budget 2022, It will also deal with taxation policy, include a brief account of legal aspects of cryptocurrency. Benefits associated with the crypto bill, and some of the associated concern with crypto bill.
The Crypto is the future of transaction in India and it’ll definitely strengthen the Indian currency by less depending on U.S. dollar for exchange of transaction. However, crypto is subjected to certain financial risk and it lacks regulatory framework by the government to save the people in market clash. The government shall regulate the crypto by introducing strong KYC norms, reporting and taxability. The issues associated with the crypto are many such as Blanket ban, brain drain, deprivation of transformative technology, an unproductive effort, contradictory policies, etc. but there are progressive aspects to deal with the issues such as regulation of crypto, clarity on crypto- currency definition, strong KYC norms ensuring transparency, igniting the entrepreneurial wave. The ecosystem in India by dealing in crypto will reignite the entrepreneurial wave in promoting the startups and creating opportunities for blockchain developers, designers, marketers and traders etc. India should not wait just what India did in past at the time of industrial revolution were lacked in industrial development. This is the age of digital revolution promoting crypto and maintaining the balance of crypto with Indian rupee develop opportunities for people. Through this paper, the reader will be able to understand the Importance of digital currency and the legal framework for digital currency.
Keywords: Crypto, Blockchain, Bill, Legality.
