A REVIEW OF DISCOVERING THE APPROPRIATE ROLE OF LEGALIZATION AND REGULATION OF CRYPTOCURRENCIES IN INDIA AND GLOBE

Abstract

Currency is an "official medium of payment recognized by law that can be used to extinguish a
public or private debt, or meet a financial obligation". But what if a currency is not recognized by
any law in the world? Since bitcoin started to grip in the market, major financial regulatory bodies
tries to restrict and even ban the cryptocurrency. But with the expansion of Dark Web regulation
of bitcoins is getting the pace. The main hurdle in bitcoin regulation is that it is conceptually
contrast with primary feature of other crypto currencies. The main property of bitcoin block chain
the backbone of bitcoin, which is assigned randomly generated address and key. Thus it is not
possible to track who is involved in a specific transaction. Moreover, legalization of trading of
bitcoins is also a challenge unlike BSE, FOREX etc. because of unmown user authentication. In
this paper we are going to discuss about the working of bitcoins and how legalization of bitcoins
is suffering in India and globe