CRYPTOCURRENCIES: AN ANALYSIS OF VARIOUS WORLD VIEWS AND INDIA’S POSSIBLE FUTURE
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Abstract
The growth of cryptocurrency in the world today has brought up several questions with regard to their use. It is seen that different countries have taken various approaches to deal with cryptocurrencies. Some have decided to legalise the same and have managed to accommodate them into their existing legal systems, while other countries, sceptical about their use has out rightly banned them, punishing those who use the. Then there are still a few countries that have remained undecided on the matter, making cryptocurrencies in such countries neither legal nor illegal. India is one such country and since the legal stance of cryptocurrencies is not stated, people still use the same for several purposes and there are certain issues arising out of it as well. In order to take a stance on this matter, this issue has been brought before the Supreme Court of India to decide on the same. But looking at other countries, the reasons for making the same legal and illegal are relevant when deciding the possible legal future of cryptocurrencies. Here we will examine the stance of different countries, not only whether cryptocurrencies are recognised or not but the way in which it is recognised and how they looked at around the world. Also considering the possibilities of how cryptocurrencies can be accommodated in current Indian legislations and cryptocurrencies possible future in India.
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