Paper Title
Cryptocurrency: A comprehensive overview
Article Identifiers
Registration ID: IJNRD_189804
Published ID: IJNRD2304301
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Keywords
Cryptocurrency, Bitcoin, tax on cryptocurrencies, blockchain.
Abstract
Cryptocurrency is becoming a hot topic to talk about, in the banking and financing world. Cryptocurrency is a type of digital currency in which transactions are verified and records are maintained by a decentralized system using cryptography. A decentralized system means there is no control of government and RBI or any other authority, the power of money is in the hands of private people. Bitcoin was the first and most popular decentralized cryptocurrency, which is based on blockchain technology. Which was first made available as open-source software, in 2009 by Satoshi Nakamoto. There were more than 9,000 other cryptocurrencies in circulation as of March 2022, more than 70 of which had a market capitalization of $1 billion or more. This study was done to provide an overview of cryptocurrency, the status of cryptocurrency in India, to study the impact of the budget 2022 on the crypto transaction in India, the tax regime for cryptocurrency in India, and the future of cryptocurrency in India. According to experts, more than 10 crore people in India invest in cryptocurrency, and India has the largest consumer base of bitcoin in 2021. In the budget of 2022 heavy tax of 30% was imposed on any profit earned from crypto trade, which leads to the mass shift of crypto traders from local to international crypto exchanges. If these taxes are not reduced then the future of crypto going to vanish.
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How To Cite (APA)
Mansi (April-2023). Cryptocurrency: A comprehensive overview . INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(4), d1-d5. https://ijnrd.org/papers/IJNRD2304301.pdf
Issue
Volume 8 Issue 4, April-2023
Pages : d1-d5
Other Publication Details
Paper Reg. ID: IJNRD_189804
Published Paper Id: IJNRD2304301
Research Area: Commerce
Author Type: Foreign Author
Country: DASUYA, PUNJAB, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2304301.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2304301
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