Need for legislation in the field of crypto currency
Siddharth Addy, Devanshi Deora
The ever expanding need for digitalization of currency is on the demand and in the recent time with the advent of technological knowhow the mere idea of digitalization of currency has become a reality with the introduction of crypto currency. Countries like Japan and China are trying to bring Crypto currency to the financial mainstream and are willing to make it as a mode of exchange for trade; the business in Japan increased from 1% to 6% in trade in the year of 2017 when they adopted crypto as a mode of payment. Countries like India are though having a conservative approach towards adopting crypto as a mode of payment and tagging it as “Non Sovereign Movement” as the crypto is largely regulated by private entities; potential solution could be propounded to legalize the concept of virtual currency which would promote constitutional goals like i.e. Digital India, Government can pass legal tender to make their own virtual currency like china i.e. Libra which if adopted as a trend it would be largely used which would make it a super sovereign movement. With the use of crypto as a virtual currency it would boost the economic rate of the country hold high degree of transparency between its citizen and government i.e. Petro currency helped to overcome economic breakdown in Venezuela. Crypto with patent is a match made in crypto heaven; Crypto could contain very vital info with the help of patent i.e. owner, last transaction, chain of supply, etc thereby it would promote transparency but would also reduce crime like counterfeiting. Also using Crypto would reduce environmental hazard to great level as it would lead to less cutting of trees which would promote sustainability of environment. A proper legislative must be adopted by the Nations which would regulate the Business transaction, hold business accountability, promote code of equality between the nations, reduce the standard procedure for operating business increase the standard of living of the indiviall and promote the constitutional goals of the nation.