Volume : 9, Issue : 1, JAN 2023

MARKET DYNAMICS OF CRYPTOCURRENCIES: A STUDY WITH RESPECT TO INDIA

MADHU BALA SHARMA, DR. POOJA YADAV

Abstract

Whoever said, “Necessity is the mother of invention” is right. As time passes, necessity and innovations both go to an advanced level. And these two are the basic key to the betterment and advancement, of an economy. Payment practice in the world has witnessed advanced changes from bartering to bank transfer/ NEFTs/ RTGS system. A new payment practice has been seen in the crypto currency trend in the last few years. Many countries have accepted it and some are still struggling with how malpractices frauds and scams could be prevented while using crypto currencies. As it has no central regulatory authority it is quite possible that it would lead to many unethical practices. But it followed block chain technology which can completely change the scenario. Many problems/hindrances can be resolved. India hasn’t any legal framework but hasn’t denied that it has vast scope and opportunities. Probably the Supreme Court of India lifted the ban in 2020 on crypto currencies. This empirical study is carried out to explore the enlargement of crypto currencies in India. Different crypto currencies have been discovered until July 2022 i.e. around 21,555 as per coinmarketcap.com. This study shows details about the market trend and size of these crypto currencies. It will help in learning the new aspects and versions of this payment practice and will see new dynamics. This paper will help the public to understand the government’s view towards the crypto platform and in what direction it's going on. 

Keywords

CRYPTO CURRENCY, TREND, GROWTH, BITCOIN, INDIA.

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