Published Paper Details:

Cryptocurrency has emerged as a revolutionary form of digital currency, challenging traditional financial systems and legal frameworks across the world. Its decentralized nature, anonymity in transactions, and borderless functioning raise significant legal implications that demand critical examination. In India, the status of cryptocurrency remains uncertain due to the absence of specific legislation and the fluctuating judicial and regulatory approach. While the Supreme Court in Internet and Mobile Association of India v. Reserve Bank of India (2020) struck down the RBI's banking ban on virtual currencies, the lack of comprehensive regulatory guidelines continues to pose challenges. The legal implications primarily revolve around issues of taxation, money laundering, investor protection, cybersecurity, and the possible conflict with existing financial laws. Moreover, the potential misuse of cryptocurrency in terror financing and illegal trade further complicates the regulatory landscape. This paper seeks to analyze the evolving legal status of cryptocurrency in India, compare it with international frameworks, and suggest reforms that balance innovation with legal certainty and consumer protection.