Virtual Currencies: A Hazard or a Boon? A Perspective from the Digital Finance Ecosystem and Associated Legal Issues

National Journal of Multidisciplinary Research and Development, Volume 2, Issue 3, September 2017

7 Pages Posted: 30 Nov 2017 Last revised: 6 Dec 2017

See all articles by Nakul Sharma

Nakul Sharma

Pacific University (India), Students

Rahul Vyas

Pacific University (India)

Date Written: September 12, 2017

Abstract

Digital India is a flagship program of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed role of Digital India. As part of promoting cashless transactions and converting India into less-cash society, various modes of digital payments have been put out.

Financial market regulators and central banks around the world regularly warn consumers about the risks related to virtual currencies. The Institute for Development & Research in Banking Technology (IDRBT), the research arm of RBI had published a report in which it stated that the time had come to adopt the blockchain technology in India, in the bid to evolve towards a cashless society. As regards non-fiat crypto currencies, the RBI is not comfortable; the intrinsic value of the VC seems to be a matter of speculation, moreover the legal status is definitely missing, finally, the usage of VCs for illicit and illegal activities in the dark net has been reported to be hitting the roof across the world. The present paper takes into perspective the rapidly evolving Technology of the Digital Virtual Currency landscape from the Indian standpoint and the related Legal Conundrum.

Keywords: digital India, digital payments, virtual currency, dark net, bitcoin, legal issues

JEL Classification: K22

Suggested Citation

Sharma, Nakul and Vyas, Rahul, Virtual Currencies: A Hazard or a Boon? A Perspective from the Digital Finance Ecosystem and Associated Legal Issues (September 12, 2017). National Journal of Multidisciplinary Research and Development, Volume 2, Issue 3, September 2017. Available at SSRN: https://ssrn.com/abstract=3077829

Nakul Sharma

Pacific University (India), Students ( email )

P.B-12 Pacific Hills, Airport Road
Pratap Nagar Extension
Forest Grove
India
9166762822 (Phone)

Rahul Vyas (Contact Author)

Pacific University (India) ( email )

P.B-12 Pacific Hills, Airport Road
Pratap Nagar Extension
Forest Grove, Rajasthan 313024
India
9829855566 (Phone)

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