Use of Cryptocurrency : A gate way towards Digital India
Author(s): Dr. Archana H. Bendale, Prof. Pavan S. Malani
Publication #: 2408079
Date of Publication: 17.09.2024
Country: India
Pages: 1-8
Published In: Volume 10 Issue 5 September-2024
Abstract
Cryptocurrencies are virtual currencies that exist without a controlled regulatory authority. Cryptocurrencies are cyber cash with a price that is quoted just like other currencies such as stable coins and the central bank digital currency. The technology that was specially developed for the existence of cryptocurrency is the block chain technology. Basically, cryptocurrencies are introduced into cyberspace and used independently as an external part of the traditional banking system. Safer Cryptocurrencies. More simply put, cryptography in complicated codes that are difficult originated in 2009 and is known as Bitcoin. Other cryptocurrencies created after Bitcoin are Litecoin, Ethereum, Zcash, Dash, Ripple, etc. Bitcoin uses peer-to-peer transactions managed by block chain technology, which provides as the public ledger for all transactions. Finance Minister of India Nirmala Sitaraman recently declared in the Union Budget 2022-23 that the government of India will charge a 30% tax, believed to be the highest tax in India, on cryptocurrency revenues. This short report looks at the future journey and characteristics of cryptocurrencies in India, the volatility of cryptocurrencies and also the dissimilarity of defi coins and stable coins.
Keywords: Bitcoin, cryptocurrency, cryptocurrency challenges, economy, virtual currency, legality, RBI
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