International Journal For Multidisciplinary Research

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India's Path to an Innovative Future in Cryptocurrency and Blockchain Technology

Author(s) Shivangi Prabha
Country India
Abstract India stands at the cusp of transformative advancements in cryptocurrency and blockchain
technology, poised to redefine its technological landscape and economic paradigm.
This paper investigates the possibilities for groundbreaking advancements within India's
cryptocurrency and blockchain domains, considering the nation's vast tech-savvy population and
burgeoning startup ecosystem.
This research document encompasses the role of blockchain in governance, the potential for
financial inclusion through cryptocurrencies, and the ripple effects of innovative startups in
decentralized finance (DeFi), non-fungible tokens (NFTs), and smart contracts. The exploration
extends to India's exploration of a central bank digital currency (CBDC) and the implications for
the country's financial infrastructure. Emphasizing the need for educational initiatives and
regulatory clarity, this paper highlights the pivotal role of collaboration between stakeholders,
regulators, and policymakers in unlocking India's potential for an innovative future in
cryptocurrency and blockchain technology. Cryptocurrencies exhibit extreme volatility, causing their worth to fluctuate significantly in a short
period of time. These complexities make cryptocurrencies hazardous for investors and pose
challenges for businesses considering their acceptance as payment.
Keywords Blockchain, Cryptocurrency, and Non-fungible tokens (NFTs), Decentralized Finance (DeFi), Central Bank Digital Currency (CBDC), Smart Contracts
Published In Volume 5, Issue 6, November-December 2023
Published On 2023-12-31
Cite This India's Path to an Innovative Future in Cryptocurrency and Blockchain Technology - Shivangi Prabha - IJFMR Volume 5, Issue 6, November-December 2023. DOI 10.36948/ijfmr.2023.v05i06.11477
DOI https://doi.org/10.36948/ijfmr.2023.v05i06.11477
Short DOI https://doi.org/gtbtcm
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