Cryptocurrency in India: Navigating Regulatory Uncertainty and Economic Implications

In the dynamic world of finance, cryptocurrencies have emerged as a significant innovation, challenging the conventional monetary systems. These digital or virtual currencies, built on advanced cryptographic technology, operate independently of traditional central banking systems.

Purushottam Anand, an advocate and founder of Crypto Legal, emphasises the intrinsic value of cryptocurrencies. “Cryptocurrencies are not primarily intended as investment tools. Their value is derived from the underlying blockchain technology,” Anand explains. He further clarifies how the demand and supply mechanisms of cryptocurrencies are inherently linked to the blockchain’s utility. “As more people use or interact with a specific blockchain, the demand for its native cryptocurrency increases, consequently driving up its value.”

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