Bitcoins in India: A Study of Legal and Economic Aspects
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 2
Abstract
Bitcoin is a decentralized virtual cryptocurrency which provide a solution to the double spending problem without involving any trusted third-party intermediary. The rising craze for bitcoin has come under the government's lens. Bitcoin can be an easy way to evade tax or snare unsuspecting small investors in ponzi schemes. The government has begun a crackdown on illegal uses of this unregulated virtual currency. The present paper aims to study the legal and economic aspects related to Bitcoins in India using secondary data for the study. The problem with bitcoins is that not all the countries have legalized its use. For consumers, some countries like Australia, Canada, Finland and Germany have legalized its use and have made it clear to apply normal earned income rules on Bitcoin, while many countries have yet not made a clear statement with the legalization and use of bitcoin. ountries like China, Japan etc. have adopted a restrictive approach .On the hand Thailand has made the use of bitcoins illegal. The non-uniformity in the legalization of bitcoin in different countries is a major issue. In india the finance minister during his budget speech on February 01, 2018 has cleared that the cryptocurrencies are not recognized as legal tender in India. Moreover the various government has issued tax notices to the investors of the cryptocurrencies and has also warned its people to be aware while investments in digital currencies.
Authors and Affiliations
Dr. Mohan Kumar
Keywords
Related Articles
- EP ID EP409653
- DOI 10.9790/487X-2002057578.
- Views 69
- Downloads 0
Understanding the Business Model of Sorbitol Manufacture as a Substitution Material of Sugar Cane: A Case Study in Indonesia
The present research explores the sorbitol manufacturing from the business model point of view. Sorbitol or as known as sugar alcohol is one kind of sweetener which has the one-third fewer calories and half sweetness of...
Information Communication Technology Adoption and Supply Chain Performance of Parastatals in Kenya’s Energy Sector
Adoption of information and communication technology (ICT) has a significant effect on organizational processes, operational efficiency and service delivery. This study was undertaken to establish the effect of ICT adopt...
The Effect of Social Networking and Prices on Lecture Decisions at the Faculty of Private Pharmacy in Medan City
Humans need education in their lives in which education can develop their potential through learning and other ways that are recognized and recognized by society. In improving the quality of education, educational instit...
Purple Economy:-Component of a Sustainable Economy in India
The purple economy is multidisciplinary, in that it enriches all goods and services by capitalizing on the cultural dimension inherent to every sector. The context of the purple economy is that of the growing importance...
An Investigation into Organizational Success in Modern Retail Sector in Sri Lanka: Evidence with Regression Analysis
Competition Is In The All Places In The Modern World. For Many Businesses The Prospect Of Outperforming The Rivals And Being Victorious Is The Primary Drive In The Business. Therefore Strategy Is Followed By Competition....