An empirical study on the evolution & future of cryptocurrency market in India

Abstract

One novel idea behind decentralized virtual money is cryptocurrency. It has emerged as a new investment vehicle in India, comparable to gold. The Indian government limits the purchase and sale of cryptocurrencies like as Bitcoin, Litecoin, etc., notwithstanding the lack of a regulating agency or laws pertaining to cryptocurrency trading and transactions. Cryptocurrencies present a number of challenges to their use in the Indian market. The lack of complete regulation and control over virtual money is the main reason why most nations have yet to accept it as legal tender. In this paper, we look at the current state of cryptocurrency law and the potential effects of future government actions on this industry. This paper provides a comprehensive overview of the influence of cryptocurrency on several laws in India aimed at regulating it, as well as an analysis of the investment risks associated with Bitcoin and gold.