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VOL. 9, ISSUE 6 (2023)
Juridical status of cryptocurency in India
Authors
Sheetal Priya, Sunil Kumar
Abstract
The article provides an overview of the legal status of cryptocurrency
in India. It begins with an introduction defining cryptocurrency and its key
features such as decentralization and cryptography. The article then examines
various Indian laws and regulations that could potentially apply to
cryptocurrencies including the Payment and Settlement Act 2007, Negotiable
Instrument Act 1881, Coinage Act 2011, Securities Contracts (Regulation) Act
1956, Reserve Bank of India Act 1934, and Foreign Exchange Management Act 1999.
It finds that currently cryptocurrencies are not classified as legal tender or
securities in India. The article discusses the impact of the 2022-2023 budget
which imposed a 30% tax on crypto transactions. It also summarizes the G20
roadmap on regulating crypto assets which promotes international coordination.
In conclusion, the article argues that rather than imposing a blanket ban,
India should develop a legal framework to regulate cryptocurrencies to support
innovation while protecting consumers and national interests. Suggestions
include developing public cryptocurrencies and regulating private
cryptocurrencies through licensing and registration of issuers. The article
highlights the need for a nuanced approach that considers the unique aspects of
cryptocurrencies.
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Pages:64-66
How to cite this article:
Sheetal Priya, Sunil Kumar "Juridical status of cryptocurency in India". International Journal of Law, Vol 9, Issue 6, 2023, Pages 64-66
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