scope and future of cryptocurrency in India

Abstract

Recently Crypto currency grabs a hot topic in the financial world. The introduction of Crypto currency has brought a big revolution in the international payment system in a scale that just a few years ago were unimaginable. Crypto currency is a digital or virtual or internet currency which uses cryptography for security encoding rules in itself. Crypto currency produced unmatched variations in the financial market by its merits and demerits contribution. Although it has complex concept to adopt but it is a profitable source of investment in the long run. Crypto currency provides many fruits/merits because of easy transferable, less transaction cost, keeping personal information privately and absence of proxy id. However, Crypto currency also suffers from some demerits .But the main concern relates to security of data and crypto currency. Lack of legal status relating to Crypto currency can be felt in India while India is levying GST on Crypto currency trading. The main tax levying authority ie Central Board of Indirect Tax and Customs is aspired to levy 18% GST on Crypto currency dealing. Although Crypto currency is banned in India but government organizations are adopting block chain Technology in their areas. This study throws light on merits, demerits, opportunities and threats relating to scope and future of Crypto currency in India.