Regulation of Cryptocurrency
- Khusbu Turki
- June 24, 2020
Content :
Over the past few years, cryptocurrency trade has boomed significantly in India. It has the potential of ushering in an era of “trust-less money.” However, the approach of the regulatory bodies towards cryptocurrency has been far from encouraging. The author has made an attempt to analyse the cryptocurrency saga in India. In furtherance of the same, the author has divided the paper into five parts –Part I highlights the need to regulate virtual currencies and the various ways in which it is being done around the world; Part II explains the approach adopted by the RBI towards the booming trade in cryptocurrency; Part III traces the introduction of the cryptocurrency bill by the Government;Part IV analyses the decision of the Supreme Court and also comments on its implications on the future trade in cryptocurrency and finally, in Part V, the author concludes by affirming that instead of refusing to grapple with the challenges posed by cryptocurrency, it is high time that the RBI proposes a regulatory framework wherein the trade in cryptocurrency may be monitored by the Government.
