Published Paper Details:

Purpose - The objective of the study is to describe the potential risks and benefits of cryptocurrency adoption on the Indian economy and to analyze the factors for the growth of cryptocurrency in India. Design/methodology/approach - Descriptive research is undertaken to describe the impact of cryptocurrency on the Indian economy. The primary data is collected from a sample of 700 consumers residing in India covering their attitudes, perceptions, and usage of cryptocurrency. The survey is conducted online through a web-based platform, and is distributed using social media and email channels. Findings - On the positive side, cryptocurrencies can provide financial inclusion to the unbanked population, provide a new avenue for investment, and reduce transaction costs for cross-border transactions. It can also attract foreign investment in the Indian economy and boost the country's technological development. However, there are also concerns regarding the use of cryptocurrencies in unlawful activities such as money laundering and financing terrorism. There is also the risk of the Indian economy losing control of its monetary policy and the potential for instability in the financial system. Originality/value - The impact of cryptocurrencies on the Indian economy remains uncertain. While it presents both opportunities and challenges, a cautious and balanced approach is necessary to harness the potential benefits while mitigating the risks. However, in the future, the rigorous empirical studies are to be undertaken to know the real benefits are being enjoyed the people who invested money in cryptocurrency. Paper Type - Research paper