Bitcoins in India: A Study of Legal and Economic Aspects
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 2
Abstract
Bitcoin is a decentralized virtual cryptocurrency which provide a solution to the double spending problem without involving any trusted third-party intermediary. The rising craze for bitcoin has come under the government's lens. Bitcoin can be an easy way to evade tax or snare unsuspecting small investors in ponzi schemes. The government has begun a crackdown on illegal uses of this unregulated virtual currency. The present paper aims to study the legal and economic aspects related to Bitcoins in India using secondary data for the study. The problem with bitcoins is that not all the countries have legalized its use. For consumers, some countries like Australia, Canada, Finland and Germany have legalized its use and have made it clear to apply normal earned income rules on Bitcoin, while many countries have yet not made a clear statement with the legalization and use of bitcoin. ountries like China, Japan etc. have adopted a restrictive approach .On the hand Thailand has made the use of bitcoins illegal. The non-uniformity in the legalization of bitcoin in different countries is a major issue. In india the finance minister during his budget speech on February 01, 2018 has cleared that the cryptocurrencies are not recognized as legal tender in India. Moreover the various government has issued tax notices to the investors of the cryptocurrencies and has also warned its people to be aware while investments in digital currencies.
Authors and Affiliations
Dr. Mohan Kumar
Keywords
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- EP ID EP409653
- DOI 10.9790/487X-2002057578.
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