Beyond Bitcoin: The New Wild West of Financial Regulations
Keywords:
Cryptocurrency, CBDC, RBI, supreme court, prevention of money laundering act, 2002, digital currencyAbstract
This article talks about the stance of where cryptocurrencies lie in terms of legal and regulatory framework by focusing on the Indian perspective. The concept of cryptocurrencies has involved, intricate and subject to many schools of thought. This article by the end of discussion would give clarity as to whether there is a need of a legal framework for prevention of ambiguity with the enactment and acceptance of cryptocurrencies in the nation with consonance to the customer understanding and take on this very concept. This article will also explore the legal framework in relation to the IT Act. The article presented is in a manner where the readers can make an individualist and a diplomatic decision of their own. The article also assures to mention related case laws, citations, newsletters, articles etc. The author further assures to have done a thorough study through the help of many secondary resources. The sole purpose of this article is to present a systematic view of this act as a whole and the substances defining and revolving around it. It is further hoped that such an analysis would be useful to the readers about the entire premise.
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