INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
Regulatory Frameworks for Blockchain and Cryptocurrency: Challenges, Evaluation, and Future Directions
Blockchain technology and cryptocurrencies have emerged as transformative innovations with the potential to revolutionize various sectors. However, their rapid growth and evolving nature present regulatory challenges and concerns for governments and regulatory bodies worldwide. This research paper provides a comprehensive analysis of the regulatory frameworks for blockchain and cryptocurrency, with a specific focus on the Indian context.
The paper begins by discussing the background and significance of these emerging technologies, highlighting their potential benefits and the need for regulatory oversight. It then examines the regulatory challenges and concerns, such as money laundering, investor protection, and tax compliance, that arise from the decentralized and pseudonymous nature of cryptocurrencies.
Next, the existing regulatory frameworks in India are evaluated, considering the Reserve Bank of India's circular, the Supreme Court judgment, the proposed Cryptocurrency and Regulation of Official Digital Currency Bill, and other relevant regulatory initiatives. The effectiveness of these frameworks is assessed based on criteria such as clarity, investor protection, market integrity, compliance, and international alignment.
Furthermore, the paper explores future directions and recommendations for regulatory development in the blockchain and cryptocurrency space. These include the need for harmonization and international collaboration, proportional and risk-based regulations, regulatory sandboxes, enhanced consumer education, cybersecurity and data privacy measures, and the use of regulatory innovations such as RegTech.
In conclusion, it is emphasized that the regulatory frameworks for blockchain and cryptocurrency require continuous monitoring, evaluation, and adaptation to keep pace with technological advancements and emerging risks. By implementing the suggested future directions and recommendations, regulators can create an environment that fosters responsible innovation, protects consumers, ensures market integrity, and facilitates the long-term growth of these transformative technologies.
Keywords:
blockchain, cryptocurrency, regulatory frameworks, challenges, evaluation, future directions, India.
Cite Article:
"REGULATORY FRAMEWORKS FOR EMERGING TECHNOLOGIES: BLOCKCHAIN AND CRYPTOCURRENCY", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 5, page no.g571-g579, May-2023, Available :http://www.ijnrd.org/papers/IJNRD2305672.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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