Consequences of Crypto Currency Sanctioning in India

Abstract: A cryptocurrency is a digital form of currency that operates without a central issuing or regulating authority. To ensure the security and integrity of transactions, a decentralized system relies on blockchain technology for recording and oversight. Blockchain is a revolutionary system designed to record transactions in a tamper-resistant manner, making it highly resistant to hacking attempts. Each block in the chain contains a collection of transactions, and whenever a new transaction takes place, a record of it is added to the ledger of every participant in the network. One of the key security features of blockchain transactions is the utilization of an unalterable cryptographic signature known as a hash. This cryptographic signature adds an extra layer of protection, making it extremely challenging for malicious actors to manipulate or corrupt the blockchain. To compromise the integrity of the blockchain, a hacker would need to alter every block in the chain, and given the continuous growth of the chain, this task becomes increasingly formidable, enhancing the overall security of the system.

Keywords: Blockchain, Ethereum (ETH), Cryptocurrency regulations, Central bank digital currency (CBDC), Digital currency, RBI cryptocurrency regulations, Crypto adoption in India, Crypto exchanges, Cryptocurrency market, Crypto regulations in India