Cryptocurrency: It's Impact on the Indian Economy

Abstract: The development of technology today has greatly influenced not only the advancement of humanity but also the economic growth of every nation. India is currently not an exception to the global expansion of the concept of digital currency. Digital currency, alternatively called digital money, is any payment of money made in electronic form. Any money that is transferrable using online systems and that is intangible is digital currency. Examples of digital currencies include cryptocurrency, stablecoins, etc. Cryptocurrency, a revolution of technology, has the power to change the financial environment. During the COVID-19 phase, there has been an uptick in online users, and during this period, investors have learned more about cryptocurrencies. Online traders have begun to invest in cryptocurrency. A study by Statista states that India is about to touch 270 million cryptocurrency users till the end of 2024. Through this prediction, it can be seen that this sector is expanding continuously. This continuous expansion has been fueled by a broad, ecstatic group of developers, entrepreneurs, investors, and users. So, the aim of this study is to explore the effects of cryptocurrency from various perspectives. In this paper, the main emphasis is made on the concept, history, types, and impact of cryptocurrency on the Indian economy and its future in India.