Changing Face of Cryptocurrency and the Need for Regulation

Abstract

The market of cryptocurrency has exploded in popularity over the past several years,luring many young Indians in search of financial independence. Apart from its growthand volatility, users must be aware of various other factors that are needed to beaddressed. This nascent sector has, on the one hand, acquired the acceptance ofinvestors as a dependable investment choice, but, on the other hand, it has createdconcern in the minds of regulators and governments. The aim of this paper is toanalyze the Concept, working, valuation, and evolution of Cryptocurrency in India.Secondary data from various articles, websites, blogs, etc. are collected for the study’s evaluation. The study reveals that it would be challenging for governments to devise a structure that would enable cryptocurrencies to flourish without simultaneously diluting their value. Cryptocurrency is the need of the hour in order to stand in the tech industry and needs to be regulated with special care as its essence remains intact.