Authors
Gunjan Jindal , Sheza Azeen
Abstract
Cryptocurrency is a kind of digital or virtual coinage that uses an encryption technique in order to standardize the generation set of currency unit. In numerous types of cryptocurrency, Bitcoin is one of the most renowned one and is also termed as first decentralized virtual currency. It provides a solution to double spending problem without interference of third party. Still the increasing trend of bitcoin has come under government’s eyes and according to our current finance minister it is more like any other Ponzi scheme, which is presumed to cause real and heightened risk of investment bubble and is thought to give rise to sudden and prolonged crash exposing investor. And hence, is constrained of use in India. Lawful position of bitcoins vary from nation to nation. Some states like Australia, Canada and Germany, have legalized its use as earned income as per rule of bitcoin but in other countries, it is used illegally or in non-uniformity in the legalization. In this review paper, we focus on legality and regulatory framework of bitcoin in India. Keywords: Cryptocurrency, Bitcoin, Decentralized, Legalized
Introduction
Cryptocurrency is a digital currency that is designed to be secure and aids for increasing the rates of payment system (Mohod, Mannarwar and Badukale, 2018; Andrianto and Diputra, 2018). Commonly known as virtual currency or digital currency which is associated with internet that uses the cryptography process. Cryptocurrency secures the information, communications and money online (Mohod, Mannarwar and Badukale, 2018). It depends on the Blockchain which is a digital bookkeeping system. Cryptocurrency contains several kinds of currency in which most common are Bitcoin, Litecoin, Ripple, Ethereum, New Economy Movement (NEM) and many more. Below is the table showing different kinds of cryptocurrency with its symbol: (Andrianto and Diputra, 2018).
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How to cite this article?
| APA Style | Jindal, G., & Azeen, S. (2019). Legal Acceptance of Bitcoin in India: A Review. Academic Journal of Accounting and Finance, 1(1), 30-34. |
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