Cryptocurrency and its impact on Indian Economy
European Journal of Molecular & Clinical Medicine,
2022, Volume 9, Issue 8, Pages 3441-3449
Abstract
The fast development of information and communication technology has led to the digitization of numerous activities we carry out in our daily lives, making them more flexible and effective. There has been a considerable growth in online users, which has made financial transactions like buying, selling, and trading easier. Because of this, virtual word conceptions have been triggered, creating the new economic phenomenon known as cryptocurrency.Virtual networking and online social games are just a few of the applications and networks that employ cryptocurrency to represent valuable and intangible goods. In recent years, the necessity of virtual currency has been extended throughout numerous systems. This study looks into what users anticipate for the future of cryptocurrencies.It also investigates users' trust in utilizing cryptocurrencies during the time while they are not fully regulated and supervised. This essay discusses the advantages, disadvantages, potential threats, and application of cryptocurrency in India. In the long run, cryptocurrency is thought to be a rewarding investment. due to its many benefits, including its simplicity, lack of mediator participation, quick payments, low transaction fees, and information privacy. Cryptocurrencies do, however, have significant drawbacks. Data security and cryptocurrencies have drawn a lot of attention. Even if India's legal framework for cryptocurrencies is unclear, the nation may nonetheless impose a Goods and Services Tax on cryptocurrency trading.
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