AN ANALYTICAL STUDY ON OPPORTUNITIES AND CHALLENGES OF

CRYPTOCURRENCY IN INDIA

Introduction

Money and finance are changing right in front of our eyes. Digitized assets, as well as
revolutionary financial platforms, instruments, and systems, are redefining financial
transaction paradigms and forging new capital conduits. The rapid rise of various
cryptocurrencies in the market room, as well as their growing acceptance among people all
over the world, is one such paradigm. Cryptocurrency is described by the Oxford dictionary
as a digital currency that operates independently of a central bank and uses encryption
techniques to control the production of units of currency and verify the transfer of funds. A
cryptocurrency is a digital or virtual currency that uses cryptography for encryption,
according to Investopedia. The organic nature of a cryptocurrency is one of its most
appealing features; it is not distributed by any central authority, making it potentially resistant
to government intervention or exploitation. Digital currency, like electronic money, is largely
backed and supervised by the central bank. In the other hand, virtual money is unregulated
and decentralised. Cryptography underpins cryptocurrencies, as the name implies.
Cryptography is a method of securely encoding a cryptocurrency system's rules within the
system itself.

Cryptography is a branch of mathematics that employs a variety of sophisticated and difficult

mathematical techniques. The public ledger, or blockchain, which is exchanged by network
users, and the use of native tokens to allow members to operate the network since there is no
central authority, are common components of the various cryptocurrency systems. Bitcoin is
one of the most commonly used cryptocurrencies. The first decentralised cryptocurrency,
Bitcoin, was released in January 2009, and the second, Name coin, did not surface until April
2011, more than two years later. Hundreds of cryptocurrencies with market value are
exchanged today, and thousands of cryptocurrencies have existed at one time or another.
(Rauchs, Hieman (2017)) However, Bitcoin and other crypto currencies have received a lot of
flak over time. Bitcoin has been chastised by economists concerned about macroeconomic
stability due to its lack of a central bank and fixed-trajectory money supply. (Eli Dourado and
Jerry Brito (2014). Hundreds of cryptocurrencies with market value are exchanged today, and
thousands of cryptocurrencies have existed at one time or another. (Rauchs, Hieman (2017))
However, Bitcoin and other crypto currencies have received a lot of flak over time. Bitcoin
has been chastised by economists concerned about macroeconomic stability due to its lack of
a central bank and fixed-trajectory money supply. (Eli Dourado and Jerry Brito (2014)).

According to Goldman Sachs' head of global investment analysis, Steve Strong, none of
today's cryptocurrencies are likely to survive in the long run. (Express, 8 February 2018). “To
be efficient, money must be both a medium of exchange and a relatively stable store of
value,” said Paul Krugman, a well-known economist. And it's still uncertain why Bitcoin
should be considered a reliable store of value.” (Krugman, 2013) Cryptocurrencies, according
to critics, are also changing the way black markets work by allowing black ecommerce. (Sean
Foley, Jonathan R. Karlsen, and Talis J. Putnis) In India, Finance Minister Aru Jaitley
announced in his budget speech on February 1, 2018 that the government will do everything
possible to eliminate the use of bitcoin and other virtual currencies in the country. He
reiterated that India does not recognise them as legal tender and that blockchain technology
will be encouraged in payment systems instead. India is home to a large number of bitcoin
traders and investors, which is interesting. In reality, India accounts for one out of every ten
bitcoin transactions worldwide. (Quartz, 2018) Furthermore, the Reserve Bank of India (RBI)
announced in April that all RBI-regulated bodies would immediately cease doing business
with entities dealing in virtual currencies and unwind established relationships within three
months. As a result, since July, India's banks and lenders have been unable to transact or
facilitate transactions with companies or individuals trading in cryptocurrencies. This paper
attempts a SWOT study of cryptocurrencies, as well as their scope in India, in light of their
plummeting value, criticism from economists, and rejection by various nations and their
governments.

Scope and Status of Cryptocurrency in India

The country has a chance to set a precedent for the rest of the world by developing an
effective regulatory structure for a promising financial concept. The Blockchain and Control
of Official Digital Currency Bill of 2021 is currently being studied and is expected to be
introduced in Parliament soon. The bill's details have yet to be revealed. Market commentary,
on the other hand, indicates that it would enable the issuance of a central bank digital
currency (CBDC) as well as the use of blockchain and distributed ledger technology, which
underpins cryptocurrencies. In the case of private digital currencies, finance minister Nirmala
Sitharaman's recent comments suggest that, rather than an outright ban, there might be some
experimentation, exploration, and encouragement of the emerging technologies behind them.

With the rapid advancement of crypto, policymakers and regulators seem to have grasped the
opportunity to adopt a promising technology early. As cryptos become more popular and
have more implementations, the number of global use cases is increasing. The use of
blockchain in ‘regtech' for regulators to collect and store data, automated risk management,
and the facilitation of regulatory reporting and supervisory processes are just a few examples.
CBDCs are being issued by central banks all over the world, from the European Central Bank
to China's and Turkey's. This could also be done in India. CBDCs have the ability to increase
financial inclusion and aggregate demand in emerging markets, as well as the speed at which
monetary policy is transmitted, according to a recent Reserve Bank of India (RBI) report on
currency and finance for 2020-21. A CBDC, according to the RBI, is a "mixed blessing"
because it threatens disintermediation of the banking system.

Any policy, legislative, or regulatory approach to private cryptocurrencies in this context

must adhere to the principles of proportionality and proactiveness. The Supreme Court
overturned the RBI's ban on crypto transactions through Indian banking networks, stating that
while the RBI had the authority to regulate cryptocurrencies, such authority must be
exercised with proportionality and supported by sufficient empirical evidence. The
proportionality theory, according to the Basel Committee and others, derives from the need to
ensure that any state action in the form of legislation, penalties, and regulation is focused on
achieving a specific policy goal. A crypto regulatory approach should not be overbearing, but
rather based on mitigating the particular risks that cryptos pose.

Cryptocurrencies bear a range of risks, including the absence of a tangible asset to back them
up. It means they do not have intrinsic value from a conventional standpoint, but they do have
a virtual market value. Their pricing strategy is novel, raising the risk of market manipulation
and having consequences for consumer security. They also raise questions about knowledge
asymmetry, hacking vulnerabilities, and fire sales, all of which pose risks to systemic
stability. Some of these risks are specific to cryptos, while others apply to other financial
products as well, but they all need sound regulation to be addressed.

The recent statements of RBI governor Shaktikanta Das, especially on consumer protection
and financial stability, must be taken seriously. The Financial Action Task Force (FATF)
highlighted crypto anonymity and layering as increasing money laundering threats, but the
FATF also offers risk-based guidelines to reduce such risks using a mix of conventional and
non-traditional approaches, such as customer recognition, authentication, and transaction-
monitoring requirements. We need a well-thought-out regulatory structure that promotes
transparency, and market participants' responsible democratisation could protect us from
digital invasion and coercion. Such unfavourable results can be monitored and avoided with
pre-emptive control.

However, a virtual ban without a market-based regulatory system may have unintended
consequences and be counterproductive. Outright bans, according to research, appear to drive
an operation underground, allowing for violence. Furthermore, in a digital world where
regulatory islands are difficult to exist, bans are almost impossible to enforce. Given cross-
border flows, a multilateral regulatory platform is needed, even as countries defend their own
jurisdictions. Circumvention and cross-border arbitrage can occur if this is not done.
Cryptocurrencies often present opportunities for policymakers and regulators to seize. There
is sufficient empirical research on how decentralised, peer-to-peer finance through
blockchain-based cryptos can improve financial services accessibility, cost-effectiveness,
performance, and interoperability. Since 2014, the FATF has stressed the potential for
financial inclusion through properly controlled virtual currencies. They could be used by
India to expand its financial markets.

From the standpoint of monetary sovereignty, the state's exclusive control over legal tender,
allowing the RBI to issue a CBDC while limiting or restricting private cryptos is a good idea.
Multilateral organisations such as the International Monetary Fund (IMF) have confirmed
that private and public money should coexist in complementary rather than conflicting
positions. According to the IMF, we must value creativity and diversity in the monetary
system just as we do in other areas, but without jeopardising stability.

Review of Literature

Hileman, Garrick &Rauchs, Michel : Alternative payment mechanisms and digital assets
were the highlight of their Global Cryptocurrency Benchmarking Report. It looked at the
rapidly growing global cryptocurrency industry and its key components, such as exchanges,
wallets, payments, and mining. From September 2016 to January 2017, the research team
gathered data from cryptocurrency companies and organisations in 38 countries and five
world regions. The study's results are both eye-catching and thought-provoking. Second,
consumer acceptance of various cryptocurrencies has exploded, with billions in market
capitalization and millions of active wallets estimated in 2016. Second, the cryptocurrency
industry is both global and local, with cross-border trading operations and geographically
clustered mining operations. Third, the market is becoming more flexible as the boundaries
between exchanges and wallets become increasingly blurred, and a growing ecosystem now
supports a variety of cryptocurrencies, not only bitcoin, that perform a variety of functions.
Fourth, questions about protection and regulatory enforcement are likely to continue for some
time.
Dourado, Eli & Brito, Jerry : In their article “Cryptocurrency,” they address the issues that
have plagued digital cash in the past, as well as the technological advancements that have
enabled cryptocurrency. It addresses the double payment problem as well as the Byzantine
Generals Problem. Cryptocurrency is a remarkable technological feat, but it is still a
monetary experiment, according to the report. Even if cryptocurrencies are successful, they
will not be able to completely replace fiat currencies.

Yli-Huumo J, Ko D, Choi S, Park S, Smolander K : in “Where Is Current Blockchain

Technology Research?” they ask in their report. From a technological perspective, a
Systematic Review examines the problems and potential directions of Blockchain
technology. The findings indicate that over 80% of the papers concentrate on the Bitcoin
scheme, with fewer than 20% dealing with other Blockchain technologies such as smart
contracts and licencing. The majority of research focuses on uncovering and enhancing
Blockchain's privacy and security flaws, but many of the suggested solutions lack clear
evidence of their efficacy. Many other aspects of Blockchain scalability, such as throughput
and latency, have gone unexplored.

Chan, Stephen; Chu, Jeffrey, Nadarajah, Saralees and Osterrieder, Joerg : Statistical
properties of the largest cryptocurrencies (determined by market capitalization) were
analysed in their report, A Statistical Analysis of Cryptocurrencies, of which Bitcoin is the
most prominent example. The research uses parametric distributions to classify
cryptocurrency exchange rates versus the US dollar. It is shown that returns are evidently
non-normal, but no single distribution suits all of the cryptocurrencies studied well. The
generalised hyperbolic distribution provides the best match for the most common currencies,
such as Bitcoin and Litecoin, While the usual inverse Gaussian distribution, generalised
distribution, and Laplace distribution are good fits for smaller cryptocurrencies, the normal
inverse Gaussian distribution, generalised distribution, and Laplace distribution are not. The
findings are critical for investment and risk management.

Chiu, Jonathan, Koeppl, Thorsten : The Economics of Cryptocurrencies- Bitcoin and

Beyond, in 2017 explores how well a blockchain may function as a payment tool. The study
looks at the best way to build cryptocurrencies and quantifies how well they will serve
bilateral trade. Cryptocurrencies' task is to prevent double-spending by depending on
competition to upgrade the blockchain (expensive mining) and delaying settlement.
According to the report, the new Bitcoin system results in a major welfare loss of 1.4 percent
of consumption. This welfare loss can be decreased to 0.08 percent by using an optimal
design that eliminates mining and relies solely on money growth to support mining incentives
rather than transaction fees. According to the report, cryptocurrencies have the ability to
threaten retail payment systems if scaling problems can be overcome.

Foley, Sean and Karlsen, Jonathan R. and PutniņsTalis J : According to their paper "Sex,
Drugs, and Cryptocurrency: How Much Illegal Activity Is Funded By Cryptocurrencies?"
one-quarter of bitcoin users and half of bitcoin transactions are connected to illegal activity.
Bitcoin is involved in around $72 billion in illicit activity per year, which is equal to the size
of the illegal drug markets in the United States and Europe. With mainstream interest in
bitcoin and the rise of more opaque cryptocurrencies, the illicit share of bitcoin operation is
decreasing. The techniques outlined in this paper can be used to track cryptocurrency
transactions. The techniques outlined in this paper can be used to track cryptocurrency
transactions. Our findings indicate that cryptocurrencies are allowing black e-commerce,
which is changing the way black market’s function.

MERITS OF THE CRYPTOCURRENCY

Cryptocurrencies are thought to be a long-term sustainable venture. They are thought to have
promising future prospects due to their multiple advantages. The following are some of the
advantages:

1. Easy accessibility: Since cryptocurrencies are not linked to any country or entity,
they are available to all. Investing in cryptocurrencies can be done quickly and
conveniently over the internet.
2. No need for a middleman: Cryptocurrencies are not connected to any bank or
financial institution, allowing for exchange without the use of a middleman.
3. Quick payments: One of the most significant benefits is the ease of transfer. Inter-
country transactions and payments are easy.
4. Low transaction fees: When compared to credit cards and debit cards,
cryptocurrency transactions are very cost effective.
5. Information remains confidential: Personal details of all transactions remain
private, preserving the privacy of the individual dealing with it.
6. No Identity Theft: Cryptocurrency merchants and users build a proxy id to protect
their personal information from being misused elsewhere. Since virtual currencies are
built on cryptography, they are assumed to be protected from hackers and therefore
account theft.

CHALLANGE WITH CRYPTOCURRENCY

Given the fact that cryptography is said to be a safer technology, security breaches have
occurred on Bitcoin exchanges and participants on many occasions. One such violation
occurred in August 2016, when the exchange Bitfinex incurred a loss of approximately USD
72 million. As a result, data and cryptocurrency security has been a major concern. Another
current drawback of any cryptocurrency is a lack of understanding of how to operate and
trade in cryptocurrency. Innocent people become more vulnerable to hackers as a result of
this. The capacity of cryptocurrency to be traded as a commodity can also be a drawback.
Commodity-based markets have a lot of value fluctuation due to different market events.
Investor trust in commodities is affected as a result of this value fluctuation.
An unexpected incident may cause a large amount of money to be lost, eroding investor
confidence. (Peter D. DeVries, 2016) There are some technological obstacles and drawbacks
to blockchain technology that have been established. Swan (2015) recognises seven
technological barriers and drawbacks to the potential implementation of Blockchain
technology:
• Throughput: The Bitcoin network's possible throughput of problems is currently set to 7tps
(transactions per second). VISA (2,000tps) and Twitter are two other transaction processing
networks (5,000tps). As the volume of transactions in Blockchain approaches comparable
amounts, the Blockchain network's throughput must be increased.
• Latency: It currently takes approximately 10 minutes to complete a Bitcoin transaction
block with adequate protection. To achieve security performance, more time must be spent on
a block, as the cost of double spending attacks must be outweighed. As a result, latency is a
significant problem since each transaction must be verified.
• Security: A 51 percent assault on the current Blockchain is possible. A 51 percent attack
would give a single entity total control over the majority of the network's mining hash-rate,
enabling it to exploit Blockchain. More security research is needed to solve this problem.
• Money wasted: Bitcoin mining absorbs a lot of electricity ($15 million per day). The Proof-
of-Work initiative in Bitcoin is the source of waste.
• Usability: Designing services with the Bitcoin API is challenging. There is a need to build a
developer-friendly Blockchain API. This could be similar to REST APIs.
• Versioning, hard forks, and multiple chains: A 51 percent attack is more likely in a small
chain with a small number of nodes. When chains are broken for administrative or versioning
purposes, another problem arises.

In the scholarly work titled “Sex, Narcotics, and Bitcoin: How Much Criminal Activity Is
Funded By Cryptocurrencies?” according to a report authored by Foley, Sean, Karlsen,
Jonathan R., and Putni, Tlis J. (2018), about a quarter of bitcoin users and half of bitcoin
transactions are related to criminal activity. Bitcoin is involved in around $72 billion in illicit
activity per year, which is equal to the size of the illegal drug markets in the United States
and Europe. With mainstream interest in bitcoin and the rise of more opaque
cryptocurrencies, the illicit share of bitcoin operation is decreasing. The techniques outlined
in this paper can be used to track cryptocurrency transactions. Our findings indicate that
cryptocurrencies are allowing black e-commerce, which is changing the way black markets’
function.

HISTORY OF CRYPTOCURRENCY TRANSACTIONS IN INDIA

Despite the ban on cryptocurrency and the declaration of cryptocurrency in India, the country
is a major market for such transactions. Legal consultants and chartered accountants have
been employed by cryptocurrency traders to help them find new ways to buy and sell
cryptocurrencies. The effort to deprive the cryptocurrency market of liquidity seems to have
failed to deter cryptocurrency exchanges. In the last two months, the Blockchain Foundation
of India (BFI), a lobby of 45 crypto dealers, says that over 30 new exchanges have applied
for membership (The Print, 2018). Experts also believe that the ban may promote illegal
activities such as hawala, an illegal method of money remittance commonly used in South
Asia and elsewhere, fueling the generation of black money.

In his budget speech on February 1, 2018, Finance Minister Arun Jaitley announced that the
government will do everything possible to prevent the use of bitcoin and other virtual
currencies for criminal purposes in India. He reiterated that India does not recognise them as
legal tender and that blockchain technology will be encouraged in payment systems instead.
"The government does not recognise cryptocurrency as legal tender or coin, and it will take
all necessary steps to prevent these crypto assets from being used to finance illegal activities
or as part of the payment system," Jaitley said. The Reserve Bank of India (RBI) declared a
ban on the selling or purchase of cryptocurrency for entities controlled by the RBI in early
2018. The Internet and Mobile Association of India filed a petition with the Supreme Court of
India in 2019 questioning the legality of cryptocurrencies and requesting a direction or order
banning their use. The Supreme Court of India issued a ruling in March 2020, overturning the
RBI's ban on cryptocurrency trading.

The government is considering establishing a state-backed digital currency issued by the

Reserve Bank of India in 2021, thus preventing private digital currencies such as bitcoin.
Dealers are also looking for banks which are not regulated by RBI:

Societies could be used to funnel transactions since they are outside of the RBI's jurisdiction.
The central bank explained in a December 2017 notification that cooperatives are not
permitted to conduct banking business after some were found taking deposits from non-
members or associate members in violation of the 1949 law. Cryptocurrency players are
attempting to profit from these flaws. In addition to going through banks, the cryptocurrency
industry is exploring the creation of over-the-counter markets to conduct cash transactions.
(The Print, 2018) Companies that deal with cryptocurrency, on the other side, deny that they
are facing closure. Some people believe that their businesses are flourishing. Discounts, free
gifts, and referral discounts are all used by cryptocurrency companies to advertise their items.
Meanwhile, the nation has deemed cryptocurrencies illegal, but not block chain technology.
Blockchain's potential applications in India As a consequence, Blockchain has tremendous
potential to transform the way data is processed and handled. It has a broader scope than just
cryptocurrencies. Andhra Pradesh's government is partnering with Swedish start-up “Chroma
Way” to establish a blockchain-based land registry system that will allow citizens to use
property as collateral for loans and investments. The use of blockchain to monitor land
ownership helps citizens to avoid conflicts, frauds, and mistakes while also reducing the
administrative burden of registrations and title transfers. (Quartz, 2018)

The Maharashtra government recently issued a challenge to business leaders, academics, and
others to come up with ways to integrate blockchain into e-governance operations. The
government is one of the largest data producers and users in the world. Devendra Fadnavis,
the state's chief minister, said at the Maharashtra Technology Summit (MTech) that
blockchain would boost data flow quality, transparency, accountability, and accessibility.

CONCLUSION

Money and finance are in a state of flux. Blockchain has the ability to revolutionise data
storage. Despite their vulnerabilities and dangers, cryptocurrencies are rising in popularity,
making it difficult for governments to regulate transactions. Because of the government's ban,
the cryptocurrency industry is also considering the development of over-the-counter markets
to deal in cash rather than going through banks. Given the cryptocurrency ban, blockchain
technology is being used by government entities as well.

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