How far and how fast can Cryptocurrency enhance Financial Inclusion in India? A Theoretical Approach
Author(s):
Dr. R. KANAKASUDHA
Keywords:
Cryptocurrency, digital literacy, financial inclusion, financial literacy, taxes on virtual digital assets
Abstract
Cryptocurrency, the new mantra as a lucrative financial investment and an asset with value, has made waves across the globe and so in India. The covid-19 pandemic gave a fillip to cryptocurrency market wherein the young adults of India perceived trading with this new type of asset as a profit-making and cost-effective one. There was a surge in cryptocurrency trading which plummeted post pandemic. Cryptocurrency entered India in the early decade of 2010’s and there were twists and turns in legalizing it, as Government of India and the central bank of the country are vociferous in bringing it under regulation, if not banning it. Irrespective of these events, the cryptocurrency favourites prophesy that this asset is capable of increasing financial inclusion in developing countries like India. No doubt, the various schemes starting from the no frills account to the Pradhan Mantri Jan Dhan Yojana has encompassed the unbanked population into the banking ambit. But financial inclusion is just not about availing the basic banking facilities. Its scope is much wider and deeper. How well has the Indian population equipped itself by availing the various schemes initiated by the Government of India and the central bank to increase financial inclusion? In the current scenario, is the majority of the population ready in making a sound financial decision at the individual/ household level which forms the genesis of financial inclusion? This paper theoretically attempts to address the above questions.
Article Details
Unique Paper ID: 156465

Publication Volume & Issue: Volume 9, Issue 3

Page(s): 757 - 767
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