future of cryptocurrency in india research paper

• Corpus ID: 267802765

Future of Cryptocurrency in India

• Swapnil Yashwant Dhanawde
• Published 2021
• Business, Computer Science

6 References

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A Comparative Study of Cryptocurrency Market of India with the Global Market

International Blockchain And Cryptocurrency Conference November 2-3, 2021, Ankara, Turkey ISBN: 978-1-955094-18-4

9 Pages Posted: 16 May 2022

Pooja Pandey

Banaras Hindu University (BHU) - Faculty of Management Studies

Date Written: November 16, 2021

Over the past few years there have been a tremendous development in information and communication technologies, which have led to the internet revolution. More number of people is active users of different online platforms and are involve in purchase and selling of goods and services, payment and money transfer. Even trading is now being done through online platforms. In this new era of technology a new concept has came into being which is known as Cryptocurrency. Cryptocurrency is a virtual currency which is valuable intangible assets used as a medium of transaction and also trading. It is not available in physical form and is not. The cryptocurrency market has evolved as fast growing market for investment with immense speed over a short time period. The first cryptocurrency Bitcoin was introduced in January 2009, and since then more than many cryptocurrencies have been developed because of its increasing popularity and consumer’s interest. This paper focuses to provide a comparative analysis of Cryptocurrency market of India with the rest of the world and a detailed study of cryptocurrency Industry.

Keywords: Cryptocurrency, Bitcoin, Blockchain, Currency, Unregulated

Suggested Citation: Suggested Citation

Pooja Pandey (Contact Author)

Banaras hindu university (bhu) - faculty of management studies ( email ).

University of Delhi Varanasi, 221005 India

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Cryptocurrency, the Future of India

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• First Online: 10 May 2022
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Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 392))

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While some discerning investors are increasingly becoming disenchanted with virtual currencies like Bitcoin as a result of recent price drops, others believe it is too early to declare it a dead end. In this study, we try to find an answer to the burning question: to invest or not to invest? The paper looks at a variety of facets of cryptocurrency platforms in an effort to address the research’s key questions, “Will cryptocurrency be the next money platform?” and “Will cryptocurrency be the next currency platform?” “Is it possible to use virtual currency platforms?” In this paper, we try to elaborate these issues. For this, we collect primary as well as secondary data for the analysis. The primary data was collected from Delhi. The respondents were asked question about cryptocurrency to understand the preliminary impression of cryptocurrency’s use, development, trustworthiness, and future expectations. Due to the vast amount of cryptocurrency that is flowing through multiple systems, the massive expansion and growth of using and implementing cryptocurrencies, and the possibilities that cryptocurrencies provide, the finding of our research suggests that cryptocurrency is quite likely to be the future currency platform.

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Singh, P., Rajni (2022). Cryptocurrency, the Future of India. In: Goar, V., Kuri, M., Kumar, R., Senjyu, T. (eds) Advances in Information Communication Technology and Computing. Lecture Notes in Networks and Systems, vol 392. Springer, Singapore. https://doi.org/10.1007/978-981-19-0619-0_36

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Future of Cryptocurrency in India

2021, IJRRA

The future of cryptocurrency in India is a subject of significant interest and debate. This abstract provides a concise overview of the potential trajectories for cryptocurrencies in the Indian context. India, as a rapidly developing economy, is poised to play a pivotal role in shaping the future of cryptocurrencies. However, the regulatory environment has been marked by uncertainty, which has influenced the adoption and growth of cryptocurrencies in the country. The Indian government has oscillated between skepticism and openness toward cryptocurrencies. The Reserve Bank of India's (RBI) ban on crypto transactions in 2018, subsequently overturned by the Supreme Court in 2020, highlighted the regulatory ambiguity. The future will depend on the government's willingness to establish clear regulations that balance innovation with security. The public perception of cryptocurrencies in India has evolved from initial skepticism to growing interest. As more Indians explore cryptocurrencies as an investment and transactional option, their influence on the regulatory discourse is likely to increase.

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As the use of cryptocurrencies grows, so are the restrictions that have been put in place to control them globally. This study would assist you in navigating the wide range of Bitcoin rules, legislative attitudes, and actions worldwide. To find out how India regulates the coins and exchanges and whether they have any pending legislation that might influence how they view cryptocurrency. The world of cryptocurrencies exploded last year. Currently, more than $0.9 trillion is invested in cryptocurrencies worldwide. And the number of cryptocurrency users globally is reportedly over 300 million. It reveals the crypto world's key developments in this new study (in 2022) and those that will probably endure at least through 2025.

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The post demonetization era in India witnessed a spurt in digital payments. According to the Payments Council of India, the growth rate of the digital payments industry, which was earlier in the range of 20-50 per cent, has accelerated post demonetization to 40-70 per cent (PTI, Money and Banking, 2017). Now when all this was happening, there was something more interesting taking place. The proclivity towards cryptocurrencies witnessed strong rally and now India accounts for more than 11 per cent of such trade globally(PTI, Money, 2018).Witnessing the strong rally, the government repeatedly warned against investment in cryptocurrencies and branded them synonymous to ponzy schemes and reiterated that it does not recognize the cryptocurrencies as legal tender(PTI, Money, 2018). This paper attempts to explore the causes that are pushing the crypto currencies to the crescendo, despite indifferent attitude demonstrated by the legislations. This work also aspires to throw light on the future of crypto currencies in the Indian context.

AARF Publications Journals

new peer to peer trading through cryptocurrency in India played an important role in encouraging people to make investments and earn profits. Cryptocurrency were evolved over a period of time by Satoshi Nakamoto. Now there are approximately 1384 crypto currecy are available as on Jan 2018. The high frequency of ups and downs of bitcoins has captured the attention of many. Starting from a price of just $1000 in January 2017 reached to $15000 in December 2017 has amazed not only the investors but the government as well. It is due to this high volatility that government has issued the warnings three times i.e. in December2013, February2017 and December 2017 to the people not to invest in these bitcoins or other cryptocurrencies. It has shown both positive and negative aspects. Now a days this form of digital money has been started to be accepted by some concerns but due to the governments statements on its deregulated form it raises the concern of people. But when we see the same situations about the cryptocurrency trading in other countries we find that in spite of banns and licensing cryptocurrency and blockchain are still growing in these countries. The present research paper is secondary data base. The data for this paper has been collected through web and alternative revealed sources

Mayank Bubna

Brief on India and the regulation of cryptocurrencies

International Journal for Research in Applied Science & Engineering Technology (IJRASET)

IJRASET Publication

Crypto currency is the latest and the most significant development in the financial industry. It has brought a revolution in the Indian financial markets and created a challenge for the banking industry by presenting it as investment opportunity. Bit coin, the first and the most popular crypto currency launched in the year 2009. It has given the other option to the long standing and unchanged financial payment system which is existing for many decades. It is a decentralized digital currency that can be sent from user to user on the peer-to-peer. In the bitcoin network it can be sent without the need for intermediaries, where transactions are done through a public ledger called block chain, where user data is stored anonymously. It has created a robust digital trade markets where there is free flowing trading system without fees. They are not going to replace the traditional system of payments but they have changed the way of making payments through internet and interaction of global markets. In addition to this has given an investment option too. In the light of above facts current research has been conducted to know the status of cryptocurrency in India, various types of crypto currencies existing in India its problems and prospects. It was found that there is no legal regulation to control their operation only current announcement in the budget gains arising from the trading of these currencies has brought under taxation. But till date RBI has not given any recognition to it and the user /investor is responsible for their risk.

International Res Jour Managt Socio Human

ABSTACT This paper talks about strengths, weaknesses, Opportunities and Threats of Cryptocurrency and its scope in India. Cryptocurrencies are considered to be profitable investment in long run. Because of its various advantages: Easy availability, No involvement of any mediator, Fast payments, Low transaction fees and Information privacy. However, Cryptocurrencies also suffer from some weaknesses. Security of data and cryptocurrency has been major concern. Interestingly, though there is lack of clarity about legal status of cryptocurrency in India, the country may levy Goods and Services Tax on cryptocurrency trading. Central Board of Indirect Taxes and Customs has proposed to levy 18% GST on dealing of cryptocurrency.

In 2017, the term 'Bitcoin' was searched 8 times more than the term 'Kardashian'. So what is the bitcoin? Or some as saying cryptocurrencies and how many people know about it and what do they know about it. Is Bitcoin the next economic bubble? This research is conducted to find what people know and what they think about the cryptocurrencies, this survey includes one's view about payment methods, about their preferred mode of investment, and their views and opinions about cryptocurrencies.

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The growing debate and discussions about legalizing digital currency- raises a significant question does the market have the withstanding power to include people from all segments of society for its usage. In such a nexus, India, when compared to its Asian counterparts is endowed with a booming crypto industry. However, due to many macro-economic and regulatory reasons which come parallel with the crypto trade, the Government of India is taking cognizance of regulating and rationing cryptocurrency trade. Cryptocurrency not only has prospects but at the very moment is enveloped with lots of apprehensions. Countries around the world are using blockchain technology to manoeuvre their development, coupled with swift payment modus operandi, low transaction fees absence of a mediator during transactions make the brighter side of this rapid digital currency. At the same time, unlike other currencies, cryptos are famously detached from any central banks or financial institutions and thereby...

International conference on Law and Technology, UPES Dehradun

PANKAJ SHARMA

International Journal of Economic Sciences

This paper aims to analyse the crypto market in India from the viewpoint of consumers who could potentially trade in these markets and extend the extent of their behaviour to the importance of a regulatory body within the economy. The central idea of this paper is to estimate the importance of a central bank in the minds of people and how it affects their trust on a currency which is unregulated. This forms the first tier of the paper In order to get insight into the more technical dynamics of cryptocurrencies, the paper then studies cryptocurrency from the point of view of experts who explain the different dimensions of the crypto markets. This forms the second tier of the paper. The paper aims to analyse from the surveys conducted and the available literature, the nature of the crypto market in India with a more reporting approach than a problem-solving model. The research is based on primary data collected by means of surveys and structured interviews. These are termed as the two...

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Spotlight on India’s integration of Crypto

• September 10, 2024
• Business , Market Updates

1.45 billion. 

That is the number of citizens living in the most populous country on the planet, India, which has the fifth-largest economy in the world with a projected 7% growth rate in 2024. 

With numbers like that, India’s integration of crypto stands to have a significant influence on global cryptocurrency adoption.  According to Statista , India’s cryptocurrency market will reach US $6.6bn in 2024. 

This article explores India’s journey with cryptocurrency and blockchain technology, from its global economic context to the challenges and opportunities ahead.

India’s Global Economic and Population Context

As the world’s fifth-largest economy, India has a youthful population eager to embrace new technologies. Over 50% of its population is under 25, fueling innovation and the adoption of crypto assets. This demographic is particularly visible in urban centers, where digital payments are rapidly gaining popularity.

The Rise of Fintech and Digital Payments

While cryptocurrencies are not recognized as legal tender in India, India’s fintech revolution, highlighted by the success of the Unified Payments Interface (UPI), has set the stage for greater crypto adoption. Launched in 2016, UPI has become a cornerstone of India’s digital economy, paving the way for the acceptance of digital currencies.

However, this rise in digital payments has also brought challenges, particularly regarding regulation and consumer protection. The government’s cautious approach towards cryptocurrency reflects its desire to balance innovation with the need for regulatory oversight, especially in mitigating risks such as money laundering and fraud.

Timeline of India’s Actions on Cryptocurrency

Early stages (pre-2018).

Cryptocurrencies gained traction in India during the early 2010s, with early adopters trading and mining in a largely unregulated environment. In 2013, the Reserve Bank of India (RBI) issued its first warning about cryptocurrency risks. Despite these warnings, the market grew, leading to the emergence of Indian cryptocurrency exchanges by 2017.

Regulatory Cryptocurrency Regulation Crackdown and Legal Battles (2018-2020)

India’s regulatory landscape is evolving. In 2018, the RBI effectively banned banks from providing services related to cryptocurrencies, causing trading volumes to plummet. The ban led to a legal battle culminating in a 2020 Supreme Court ruling overturning the ban. This ruling reignited the crypto market in India, although regulatory uncertainty persisted.

Recent Developments (2021-Present)

In 2022, the Indian government introduced a 30% tax on income from digital assets, signaling a shift towards regulation rather than an outright ban. The budget also included a 1% tax deducted at source (TDS) on crypto transactions, formalizing the industry. 

These taxes inevitably sparked mixed reactions, with some viewing it as legitimization and others criticizing the high tax rate.

Meanwhile, the Securities and Exchange Board of India (SEBI) proposed stricter regulations, focusing on investor protection and market stability. 

The RBI continued to express reservations about private cryptocurrencies, advocating for a Central Bank Digital Currency (CBDC) as a safer alternative. The digital rupee, introduced in late 2022, represents a significant step in India’s crypto journey, aiming to offer the benefits of digital payments while maintaining stability.

India’s Integration of Cryptocurrency

Adoption trends and market growth.

Despite regulatory uncertainties, India’s crypto market has seen remarkable growth. By 2023, it became one of the world’s largest cryptocurrency markets, driven by young investors and the rise of crypto-based remittances. However, high tax rates have dampened enthusiasm among some investors.

Even so, India’s crypto userbase growth is expected to dwarf that of the US and Europe combined, as this chart from 2022 shows.

Source: Financial Mirror

Covid, Vitalik and DogeCoin, and Vitalik’s $1B Donation

In 2021, Ethereum co-founder Vitalik Buterin made headlines by donating crypto tokens worth $1B (at the time) to an India Coronavirus relief fund. The donation included vast amounts of dog-themed meme tokens, including the Shiba Inu coin (SHIB), Dogelon (ELON), and Akita Inu (AKITA).

While they did not realize the total value of the coins then, the donation effectively seeded India’s evolving crypto market with meme coin brands that remain popular today.

Source: Business Today

Government and Regulatory Stance

The Indian government is cautious about crypto regulations, balancing innovation with financial stability and security concerns. While introducing crypto taxes indicates a preference for regulation, the high tax rates have raised questions about the government’s long-term vision. 

SEBI has proposed measures to enhance transparency and reduce risks, while the RBI remains skeptical, promoting the digital rupee as a state-backed alternative.

India’s CBDC Initiative Compared to China and the USA

China is the current clear frontrunner in Central Bank Digital Currency (CBDC) development, having launched extensive trials of its Digital Yuan across several cities, integrating it into various payment systems, and even testing cross-border transactions.

India’s CBDC progress is more cautious but significant; the Reserve Bank of India has initiated a pilot for its Digital Rupee, focusing on wholesale and retail applications, with plans to expand testing across more regions. The digital rupee, India’s CBDC, is a pivotal milestone. 

Unlike decentralized cryptocurrencies, the RBI issues and regulates the digital rupee, offering a government-backed alternative. Its introduction has sparked debate, with some viewing it as a complement to private cryptocurrencies and others seeing it as a potential competitor.

In contrast, the USA remains in the exploratory phase, with the Federal Reserve conducting research and consultations on a potential Digital Dollar. Still, no formal pilot or implementation has been announced. 

While China leads with an aggressive rollout, India is advancing steadily with targeted pilots, and the USA is taking a measured approach, carefully weighing the implications of introducing a CBDC into its financial system.

The Future of Cryptocurrency in India

India’s stance on cryptocurrency will significantly impact the global digital economy. The development of the digital rupee and the creation of a clear regulatory framework will be key areas to watch. As India continues to explore the potential of cryptocurrency, its approach will shape the industry’s future, both locally and globally.

India’s crypto adoption is growing fast . On-chain value received by Indians reached $270 billion in 2024, up 60% year-on-year. Here are some other interesting points:

• Even as adoption increases, India represents only 4% of the world’s Crypto investor population
• Statista predicts the Indian cryptocurrency market to witness significant revenue growth, reaching US $6.6bn by 2024. They expect this growth to continue with an annual growth rate (CAGR 2024-2025) of -2.44%, resulting in a projected total revenue of US$6.4bn by 2025.
• Over 15-20 million Indians have cryptocurrency investments, with the total value exceeding $10 billion.
• Bitcoin is the dominant asset in India with 17-18%, followed by Ethereum at 10-14%. Meme Coins like Doge and Shiba Inu collectively comprise 15-18% of the investments.

Moving Ahead with India’s Integration of Crypto

India’s relationship with cryptocurrency is evolving, reflecting its broader journey as a global power. By embracing a balanced approach that fosters innovation while protecting consumers, India can integrate cryptocurrency into its economy to benefit all stakeholders. 

What do you think? Will India move ahead with rapid crypto adoption in the coming years?

If you trade crypto assets, ZenLedger can help you stay organized for tax time. Our platform automatically aggregates transactions across your wallets and exchanges, computes your capital gain or loss, and generates the paperwork you need to file. This paperwork includes personal tokens you issue or purchase and the income or loss they generate.

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The above is for general info purposes only and should not be interpreted as professional advice. Please seek independent legal, financial, tax, or other advice specific to your particular situation.

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