Accelerating Economic Justice: Through Digitisation of Indian Economy by Fintech

In the burgeoning world of FinTech, particularly cryptocurrencies, regulation is a big issue. They are unregulated in most countries and have become a breeding ground for scams and fraud. It is difficult to establish a single and complete strategy to address these difficulties due to the multiplicity of FinTech products. Regulatory uncertainty in the FinTech sector is complicating matters for both service providers and users. The lack of a unified regulatory framework for FinTech has generated numerous areas of ambiguity in the system for businesses, investors, and consumers. Several unethical loan practices have also been reported, while the regulator was not looking. Brutal collecting procedures, opaque lending practices, product mis-selling, customer harassment, and so on are examples. Regulators are now faced with the problem of addressing a diverse set of regulatory objectives and policy priorities to provide a healthy environment for the development of the fintech ecosystem.