LEGALITY OF BITCOIN IN INDIA AND OTHER COUNTRIES


Article PDF :

Veiw Full Text PDF

Article type :

Original article

Author :

DIKSHA MISRA, JANHAVI KUKREJA

Volume :

1

Issue :

1

Abstract :

There has been an upsurge in the use of digital money in recent times. The internet had helped in creating a new currency which has eradicated the problem of double spending. Bitcoin, the market’s leading cryptocurrency, is the world’s first completely decentralized digital currency. It is an open peer to peer electronic cash system which is based on a cryptographic protocol. However, different jurisdictions have different views about Bitcoin. Central Banks and Governments of various countries have passed various rules and regulations concerning the same. In this paper, the authors attempt to analyse the legal aspects of Bitcoin. This paper is divided into five parts. Part I is an introduction to cryptocurrency and bitcoin. Part II delves deeper into what exactly is bitcoin and its working. Part III gives an overview of the legal position of Bitcoin in various countries. Part IV talks about the current position of Bitcoin in India and the rules and regulations applicable. Finally, Part V sheds light on the reasons for legalization of bitcoin and how it will be helpful.

Keyword :

Bitcoin, Cryptocurrency, Legal, Blockchain, Taxation.
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