Cryptocurrency in India: An assessment of the prospects and challenges

Abstract

To execute transactional operations in the financial trading industry, cryptocurrencies like as bitcoin make use of decentralization, traceability, and anonymity properties. These digital currencies, which are based on new blockchain technology, are serving as the foundation for some of the world's biggest unregulated marketplaces. A variety of regulatory difficulties arise as a result, including the illegal acquisition of narcotics and weapons, money laundering, and the support of terrorist operations, among others. This chapter examines a variety of legal and ethical implications, as well as their consequences and potential solutions to the fundamental problems that policymakers and regulators are today confronted with on a daily basis. The authors present the findings of an analysis of 30 recently published peer-reviewed scientific publications, and they propose a number of mechanisms that can aid in the detection and prevention of illegal activities, which currently account for a significant portion of cryptocurrency trading at this time. These researchers propose methodologies and apps that may be used to detect dark markets in the future, should the need arise.