• Dr. Sapna Jain

Regulation of crypto in India is still unclear which is why the future of crypto in that country is also unclear. Volatility, concerns in reliability security, and scalability are a few of the issues that the government is considering. The regulatory landscape surrounding crypto in India was somewhat uncertain. It is now up to the Indian government to encourage this ecosystem in a compliant manner. The government has taken great strides already. Be it a TDS on sales or the recent anti-money laundering (AML) provisions under PMLA, the messaging from the government has been consistent: invest fairly and declare the profits. The Indian government had expressed concerns about the potential risks associated with crypto and was considering various regulatory measures to address them. In April 2018, the Reserve Bank of India (RBI) issued a circular that prohibited banks and financial institutions from dealing with or providing services to any individual or business entities involved in crypto. This effectively restricted the use of traditional banking channels for buying or selling crypto. However, the Supreme Court of India, in March 2020, overturned the RBI's circular, allowing banks to provide services to crypto exchanges and traders. This ruling brought some relief to the crypto community in India. Since then, there were discussions and proposals for a comprehensive crypto regulation bill that would set the framework for the use and trading of digital assets in India. Various drafts of the bill were being circulated, but no official bill had been passed into law as of my last update. The stance of the Indian government and regulatory authorities towards crypto could have evolved beyond my last update. It's essential to refer to more recent sources and news to get the latest information on the current status of crypto regulations in India. The global crypto ecosystem has grown tremendously in the past three years. More than 200 million users are estimated to have an exposure in the asset class. About 10% of this user base is from India. Despite regulatory uncertainties, Indian investors have shown significant interest in the space • . Revenue in the Cryptocurrencies market is projected to reach US$222.70m in 2023. • Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 9.83% resulting in a projected total amount of US$324.00m by 2027. • The average revenue per user in the Cryptocurrencies market amounts to US$1.08 in 2023. • From a global comparison perspective it is shown that the highest revenue is reached in the United States (US$17,960.00m in 2023). • In the Cryptocurrencies market, the number of users is expected to amount to 328.70m users by 2027. • User penetration will be 14.5% in 2023 and is expected to hit 22.4% by 2027.

Crypto currency

"The Future of Crypto currency in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 1, page no.g590-g604, January-2023, Available :http://www.jetir.org/papers/JETIR2301674.pdf

"The Future of Crypto currency in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 1, page no. ppg590-g604, January-2023, Available at : http://www.jetir.org/papers/JETIR2301674.pdf