Introduction
Bitcoin is a cryptographic, digital and experimental currency
introduced in the digital world in 2008. It is referred to as a
"peer-to-peer, electronic payment system". Unlike the
usual form of currency, it is in virtual form and can be used to
make payments online as well as in physical stores. With the
enormous increase in the usage of internet and transactions through
digital mode, creation of a digital currency was inevitable.
However, certain questions arise i.e. whether it is a safe form of
currency, if bitcoin has been accorded legal recognition and
accepted as a digital currency and is regulated or not. Though a
few countries like US have started regulating bitcoins, in India,
it remains unregulated as the central regulatory bank, the Reserve
Bank of India ("RBI") is currently
keeping a vigil on this virtual currency that is gaining popularity
among internet users, but has not shown inclination of regulating
it.
