Abstract
During the pandemic year 2020, cryptocurrencies have surfaced as a hedge against the financial uncertainty raised by COVID-19. Virtual currencies have emerged as a focus area for the investors to re-engage their interest and overcome the financial instability. Income tax department has been keeping a close vigil on these Virtual currencies. We have also seen a boost in the valuation of Bitcoin due to Global Liquidity injected by Central Banks. Cryptocurrencies still do not have any formulated appropriate legislation to provide clear vision for cryptocurrencies’ future in India. The present paper is an attempt to highlight the potential of cryptocurrencies and the need for the formulation of appropriate legislation so that investors can perform their transactions safely.
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