Bitcoin and its Legality in India
Volume III, Issue III, 2020
Since the start of the 21st century, the development in the field of communication and information technology has been on another level. Everything has been transformed in a way so that we can access almost everything from our place. In recent years since the invention of bitcoin, the most used cryptocurrency to date has changed the virtual world in a more advanced way. The usage of bitcoin is universal so it makes transactions easier for two separate individuals or companies located at a different geographical location with different fiat currencies. As the transaction is encrypted it is the safest way to transfer the payment by the means of bitcoin and the transaction is noted in order to prevent double-spending. India being a developing country with one of the most influential economies in the world using cryptocurrencies as a medium of payment for transactions will decrease the barriers to the development of the nation. This research paper predominantly focuses on the legality of bitcoin in India. The paper also analyses the growth, development of bitcoin in India and the future of bitcoin in the country.
Keywords: Bitcoin- Cryptocurrency- Fiat currency- Encrypted.