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ARTICLE · 25 JULY 2023

Regulatory Evolution Of Cryptocurrency In India

Sarthak Advocates & Solicitors
Sarthak Advocates & Solicitors
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Cryptocurrency is a decentralized system relying on encryption and blockchain technology to record and verify transactions and issue new units.

IndiaTechnology
Utkarsh Mishra
Utkarsh Mishra
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Cryptocurrency is a decentralized system relying on encryption and blockchain technology to record and verify transactions and issue new units. This mechanism does not require any central issuing or regulating authority and rather utilizes the peer-to-peer system to facilitate its transactions. The recent surge in use and the keen interest shown by investors around the world in virtual currencies and digital assets highlights the need for regulatory norms to safeguard their interests. This article sheds some light on the major steps taken by the Indian regulatory and judicial bodies in this domain.

RBI Cautions Users Against Cryptocurrency

On 24th December 2013, RBI alerted the holders, traders, and users of virtual currencies (hereinafter referred to as "VCs") about the potential operational, financial, customer protection, security related and legal risks attached with the VCs.1 The press release stated that the creation, usage, or trading of these VCs as a

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