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Cryptocurrency: Myths and Realities in India

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Cryptocurrency: Myths and Realities in India


Dr. R. Vennila



Dr. R. Vennila "Cryptocurrency: Myths and Realities in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5, August 2021, pp.1344-1347, URL: https://www.ijtsrd.com/papers/ijtsrd45067.pdf

Cryptocurrency is a virtual currency, and it is defined as a medium of exchange that employs cryptographic protocols to ensure the safety and authenticity of transactions. Such virtual money works on the concept of the underlying technology, Blockchain, that is not regulated by any authority, and this is the reason why cryptocurrencies and their transactions are completely secured. But sadly, the concept of Cryptocurrency is still in its infancy and is generally misunderstood, contributing to the circulation of several misconceptions revolving around it. In India, the RBI (Reserve Bank of India), has understood cryptocurrency as a form of digital/ virtual currency generated through a series of written computer codes that rely on cryptography which is an encryption and is thus independent of any central issuing authority. It is facilitated through blockchain technology and has emerged as a person-to-person issuance and transaction system that uses private and public keys to enable authentication and encryption for secure transactions. Witnessing the massive popularity of the crypto market, its usage within a year of its usage, and potential revenue loss to the Government of India, the regulators and authorities began to take notice and as a consequence, the Reserve Bank of India (RBI) issued a press release, cautioning the public against dealing in virtual currencies including Bitcoin and has opened the door for Cryptocurrency in 2020. Cryptocurrencies has turned out a hot commodity among individual and institutional investors. Despite existing for over a decade, in the recent times, there remains a lot many misinformation and myths over digital currencies. Here, the study takes a look and sheds some light over some common myths that persist in the market

Cryptocurrency, Digital Currency, Strategy mechanism for Crypto


IJTSRD45067
Volume-5 | Issue-5, August 2021
1344-1347
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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