The Future of Money – A Study on Cryptocurrency in India

In an era of modern technology and moving towards a paperless economy, Cryptocurrency is the phase of the change. Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It is a currency that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers. Cryptocurrencies have grown and expanded significantly over the years. In a span of merely five years, the number of digital assets has emerged in the global financial market system. India’s RBI has long warned cryptocurrency users and traders of its perils. Indian Prime Minister, Mr. Narendra Modi, indirectly promoted Bitcoin, on 2 July 2015, with his ambitious “Digital India” campaign. Plans included digitizing government data, improving India’s digital infrastructure, and optimizing its online connectivity. Since its demonetization period of November 2016, the significant disruption to the economy occurred with more of India’s largely younger population turning to digital currency. This paper aims to explore the challenges, risks and the future of cryptocurrencies in India. It also focuses on the significant benefits and the measures to bring apprehension of adapting the cryptocurrency in India.