CRYPTOCURRENCY AND INDIAN ECONOMY

Abstract

In this digital age, the term cryptocurrency has been gaining popularity in the public eye across the world. People who give importance to their privacy and for whom the idea of using cryptography to control the creation and distribution of money does not sound too far-fetched are looking forward in using cryptocurrency. In today's digital economy, cryptocurrency like Bitcoin, Litcoin, Ether, etc. are gaining popularity in the the financial world as more people invest and buy these currencies. But there are lot of peoples across the world who are unsure regarding the overall effectiveness of Cryptocurrency. Cryptocurrencies is not recognized as legal tender by the government of India and have decided not implement cryptocurrency in Indian financial system. However, the government has decided to study more about blockchain technology and will explore the various ways of using blockchain technology in digital economy. Providing more information about cryptocurrencies to the users is extremely important given its volatile nature. In this article, we are providing a holistic outlook of Cryptocurrency with special reference to Indian digital economy.