Blockchain Technology and Legal Framework in India: A Systematic Review

Abstract

<strong>Abstract</strong>: As India commences its journey on a digital trajectory, the fintech ecosystem has been the crucial enabler for digital transformation. A step ahead, next-generation trading currencies based upon blockchain technology became one of the most talked about technology terms in the fintech sphere. Digital currencies and assets, which also use DLT underneath, are however subjected to stricter legal lenses. This particular apprehension of policymakers and the Central Bank indicates the essentiality of legal frameworks that safeguards users’ interest as well as the nation’s economic and security interest simultaneously and this paper provides a ground to analyze the same. This paper is one of the primary papers that studies the legal framework regarding blockchain and digital assets through a Systematic Literature Review Methodology with consideration of 43 kinds of literature providing an Indian legal perspective which could be a critical resource for existing legal frameworks and possible future alterations required thereof. <strong>Keywords: </strong>Legal Framework, Blockchain, Cryptocurrency, Decentralize, Ethereum, Smart Contract <strong>JEL Classification Number:</strong> K39, K40