Effect of Cryptocurrency on Indian Economy - An Overview of Current Status and Future Prospects

Abstract

Cryptocurrency is an innovative concept of virtual and decentralised currency which has become the new investment option like gold in India. Since there is a lack of a regulatory framework or law about cryptocurrency transactions and trading in India, the buying and selling of Bitcoin, Bitcoin, Ethereum, and other cryptocurrencies are restricted by the government. There are several restrictions on the existence of cryptocurrencies in India. This study is based on understanding cryptocurrency and its effect on the economy. The study is also based on existing scenarios and future prospects. With the rapid growth of information and communication technologies, a lot of daily activities have been digitised and become more time-saving and flexible. A lot of online users have switched to the virtual world and cryptocurrency has created a new business phenomenon to promote buying, trading, and selling digital assets. Cryptocurrency represents intangible and valuable objects used online in various networks and applications like online games, social networks, P2P networks, and virtual worlds. Virtual currency has been used widely in different systems over the years