ANALYSIS OF CRYPTOCURRENCY: AN ETHICAL CONJECTURE WITH REFERENCE TO INDIAN SCENARIO

Abstract

A cryptocurrency is a form of digital payment that does not rely on banks to validate transactions. It’s a peer-to-peer payment system that allows anyone from anywhere to send and receive money. Digital currency is the future of finance. India has huge rapid growth opportunities in cryptocurrency adoption. The objective of the study is to understand the growth of cryptocurrency over the year and to compare the conventional investment avenues with the cryptocurrency and SWOT analysis for future prospective of cryptocurrency in India. In India around 20 million active users of cryptocurrency. From July 2020 to June 2021 cryptocurrency market raised 640%in India. During this period from total digital currency transactions from Southern Asia, 42% is coming from the Indian market which is about $10 million. A comparative analysis of conventional investment avenues with cryptocurrency shows that Indian investors still prefer to invest in conventional investment avenues. The reason behind this, a lack of information, security issues, and no regulations for cryptocurrency are seen. SWOT analysis shows that in the Indian market due to a decentralized system, no mediate intervention, low transaction cost, the worldwide accessibility adoption rate is high. The major barrier for cryptocurrency's major weaknesses and threats are highly volatile market, security threats, black marketing, no regulations, threats associated with unknown identity. Still Indian cryptocurrency market is huge, and growth is high in the future.