Affiliation:
1. University of Petroleum and Energy Studies, India
2. Al Yarmouk University College, Iraq
3. NSB Academy, India
Abstract
Modern advancement in technological field has brought changes into the banking, financial, and capital market in India. Blockchain is a new-age transaction mode that has come into the radar after scams had raised concern pertaining to the regulatory mechanism of blockchain in the legal system of India. Cryptocurrencies that are used as a mode of transfer or payment in India is not regulated by any of the centralized authorities; nor there are any rules, regulations, laws, or guidelines provided for settling of any of the disputes between parties who are dealing the cryptocurrency. They are dealing with their own risk as investors, as there is no involvement of banking or capital market regulators like Reserve Bank of India (RBI) or Securities and Exchange Board of India (SEBI). Cryptocurrency is used anonymously to conduct transactions globally between account holders.
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