The Legality Of Cryptocurrency And Its Challenges : A Global Perspective




Pratishthit Mittal & Bhargav Bhamidipati, ILS Law College, Pune


ABSTRACT


With rapid development of technologies in our day to day life, many activities have been merged online and created a new business phenomenon. In this modern world, with dynamic changes in currencies, cryptocurrency and blockchain technology is finding a new place. Cryptocurrencies represents valuable and intangible objects which are used to electronically in different applications and networks such as online social networks, online social games, virtual currency and peer-to-peer networks. While this technology has been welcomed by some states, it has found immense criticism in developing nations.


While some nations have incorporated cryptocurrencies as products or legal tender in their pre-existing legal framework, countries like India, People’s Republic of China, Singapore, Republic of Korea have denied them the status of legal tender. Though this technology provides alternative to presently operating weak security systems, these countries have been skeptical about the use of cryptocurrencies. This skepticism arises due to the possible uses of cryptocurrencies in illegal markets and money laundering incidences.


This research paper aims to understand this dynamic technology, its application, its legal position in different parts of the world especially India, the present hindrances in acquiring the legal status, and model regulation for the legality of cryptocurrencies in India. This paper aims to take a problem-solution approach to the issue of virtual currencies.

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.