Cryptocurrency: A comprehensive overview

Registration ID: IJNRD_189804

Published ID: IJNRD2304301

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Mansi

Cryptocurrency, Bitcoin, tax on cryptocurrencies, blockchain.

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.

Published Paper   E-Certificate

Mansi (April-2023). Cryptocurrency: A comprehensive overview . INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(4), d1-d5. https://ijnrd.org/papers/IJNRD2304301.pdf

Volume 8 Issue 4, April-2023

Pages : d1-d5

Paper Reg. ID: IJNRD_189804

Published Paper Id: IJNRD2304301

Downloads: 000122254

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

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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