Bitcoin has been the talk of the market yet has the government report closed the doors to its development.
India is continually striving towards becoming a “digital” economy. Both public and private sectors have made efforts in this regard. Widespread use of mobile phones and internet, e-filing of taxes, e-payments for purchases etc. evidence this. Virtual currency is one such hotbed in the era of digitisation, innovation and technology. A virtual currency, namely Bitcoin, was introduced in the year 2008 and since then the market frenzy surrounding it hasn’t taken a halt. Different states across the world have reacted differently towards virtual currencies. Although it is widely accepted that the technology behind virtual currencies is groundbreaking, some states have outrightly banned virtual currencies whereas some have openly promoted it.
Indians have taken up virtual currencies very enthusiastically and have actively traded in them by way of establishing exchanges, start-up companies and even associations. However, India is still struggling to come up with a concrete policy on it. The Reserve bank of India has continuously cautioned the users of virtual currencies against its risks and has recently put a complete prohibition on it. This prohibitory order was challenged in the courts and it remains to be seen how India comes up with a framework on use and regulation of virtual currencies.
Virtual currencies have a large footprint in the today’s financial markets and they cannot be overlooked. This article seeks to trace its journey in India. Part – I very briefly describes the concept of virtual currencies and its related aspects. Part – II looks at some of the glitches encountered by the virtual currencies markets worldwide. Part – III highlights the attempts made to regulate virtual currencies both at national and international level. Part – IV suggests the possible course of action that can be taken up to govern virtual currencies in India.
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