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ARTICLE · 11 JUNE 2021

Cryptocurrency: A Legal Perspective On A Misunderstood Technology

Tatva Legal
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The increasingly widespread adoption of cryptocurrency and blockchain technology signals the onset of a new technological revolution.

IndiaTechnology
Rishi Batta
Rishi Batta
Karan
Karan
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Introduction

The increasingly widespread adoption of cryptocurrency and blockchain technology signals the onset of a new technological revolution. As a result, governments around the world are scrambling to understand and regulate cryptocurrencies and blockchain technology. Some countries like Singapore, Japan, and Switzerland have already enacted legislations promoting the use and adoption of cryptocurrencies and blockchain technology alike1. In contrast, India is yet to formally introduce any legislation governing the use and adoption of cryptocurrencies. However, the Reserve Bank of India has previously imposed a ban on the trading of cryptocurrencies2 (now lifted by the Supreme Court3), and the Indian government is in the process of publishing the draft Cryptocurrency and Regulation of Official Digital Currency Bill, 20214 which would, supposedly, prohibit the usage and trading of cryptocurrencies outright but permit and promote the use of the underlying

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