The IUP Journal of Law Review
Legal Validity of Bitcoin in India
Article Details
| Pub. Date | : Oct, 2018 |
|---|---|
| Product Name | : The IUP Law Review |
| Product Type | : Article |
| Product Code | : IUPLR31810 |
| Author Name | : Kama Raju Chitrapu |
| Availability | : YES |
| Subject/Domain | : Law |
| Download Format | : PDF Format |
| No. of Pages | : 12 |
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Abstract
In 2008-09, after the subprime mortgage crisis, the governments of several developed countries had to print billions of dollars to bail out banks and insurance companies. Bitcoins, unlike paper currencies, cannot be minted, but can only be mined by bots. Although bitcoin is yet to gain prominence as mainstream currency in India, the technology behind it—the Blockchain technology—has captured the attention of numerous Indian banks. In 2016, ICICI Bank revealed that it successfully executed transactions in global trade finance and remittances using Blockchain technology. Even as developed nations such as Japan and Russia contemplate legalizing the use of bitcoins, India, despite being at the threshold of a digital revolution, is yet to officially recognize the cryptocurrency. However, the biggest impediment that bitcoin supporters perceive to making this currency mainstream is the fact that several nations are treading very cautiously around bitcoin and do not have any concrete regulations governing them. This paper highlights the legal validity of bitcoin in India.
Description
The bitcoin fever is catching up in India. Many people, including the tech-savvy and
young investors, are eyeing the digital cryptocurrency as its value keeps soaring each
day. With Prime Minister Narendra Modi-led government leaving no stone unturned
in transforming India from a ‘cash-rich’ economy to ‘less cash’ economy and ultimately
to a ‘cashless’ economy, digital cryptocurrency has captured the attention of numerous
Indians. In the wake of demonetization, leading bitcoin exchanges in India witnessed
an increase in user base by up to 250%.
Now, the Indian government, too, is contemplating introduction of its own
cryptocurrency on the lines of bitcoin. This cryptocurrency will be named ‘Lakshmi’,
the name of the Hindu Goddess of wealth, fortune, and prosperity.
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