A Comparative Study of Cryptocurrency Market of India with the Global Market

International Blockchain And Cryptocurrency Conference November 2-3, 2021, Ankara, Turkey ISBN: 978-1-955094-18-4

9 Pages Posted: 16 May 2022

Pooja Pandey

Banaras Hindu University (BHU) - Faculty of Management Studies

Date Written: November 16, 2021

Over the past few years there have been a tremendous development in information and communication technologies, which have led to the internet revolution. More number of people is active users of different online platforms and are involve in purchase and selling of goods and services, payment and money transfer. Even trading is now being done through online platforms. In this new era of technology a new concept has came into being which is known as Cryptocurrency. Cryptocurrency is a virtual currency which is valuable intangible assets used as a medium of transaction and also trading. It is not available in physical form and is not. The cryptocurrency market has evolved as fast growing market for investment with immense speed over a short time period. The first cryptocurrency Bitcoin was introduced in January 2009, and since then more than many cryptocurrencies have been developed because of its increasing popularity and consumer’s interest. This paper focuses to provide a comparative analysis of Cryptocurrency market of India with the rest of the world and a detailed study of cryptocurrency Industry.

Keywords: Cryptocurrency, Bitcoin, Blockchain, Currency, Unregulated

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Pooja Pandey (Contact Author)

Banaras hindu university (bhu) - faculty of management studies ( email ).

University of Delhi Varanasi, 221005 India

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research paper on bitcoin in india

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  • Vol 19 , Issue 2 , July - December 2018
  • 10.51768/dbr.v19i2.192201807

Blockchain Technology Application in Indian Banking Sector

Vol 19 , Issue 2 , July - December 2018 | Pages: 75-84 | Research Paper  

research paper on bitcoin in india

Published Online: November 28, 2018

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Purpose: Banking and technology are very closely associated and innovations have changed the framework of banking process drastically. The digital innovations in the banking sector started with the introduction of money that replaced the barter system and then the gradual replacement of wax seal with digital signatures. One such disruptive innovation which is changing the banking sector globally is Blockchain Technology (BCT). The paper aims to provide an overview of Blockchain Technology with its benefits and emphasizing on the applications of the technology in the Indian Banking Sector. The paper gives the insight of various challenges and global perspective of Blockchain Technology in banking industry.

Design/Methodology/Approach: The paper presents a conceptual study of potential of Blockchain Technology in revolutionizing the existing financial business applications in India.

Findings: The study concludes that, Blockchain will evolve as a disruptive force in transforming Indian Banking Sector by making banking transactions more secure, faster, transparent, and cost effective.

Research Limitations: The authors have used secondary data for the current study. An empirical research can be undertaken in future to present the growth of Bitcoin Technology in India with respect to other developing countries.

Practical Implications: Study is based on Secondary data and an empirical research can be undertaken in future to present the growth of Blockchain Technology in India and abroad.

Originality/Value: The paper presents the original viewpoints of the authors.

Applications, Banking, Blockchain, Bitcoin, Distributed Ledger Technology.

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  • World Economic Forum (2017). Blockchain in financial services in emerging markets Part II: Selected Regional Developments. Retrieved from https://www.ifc.org/wps/wcm/connect/b08ac5cd-11f8-4eb5-8b85-a082765727f7/EMCompass+Note+44.pdf?MOD=AJPERES, Accessed on August 29, 2017.
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  • Zhao, J. L., Fan, S., & Yan, J. (2016). Overview of business innovations and research opportunities in Blockchain and introduction to the special issue. Retrieved from https://doi.org/10.1186/s40854-016-0049-2, Accessed on July 23, 2017.

research paper on bitcoin in india


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In 2017, the term 'Bitcoin' was searched 8 times more than the term 'Kardashian'. So what is the bitcoin? Or some as saying cryptocurrencies and how many people know about it and what do they know about it. Is Bitcoin the next economic bubble? This research is conducted to find what people know and what they think about the cryptocurrencies, this survey includes one's view about payment methods, about their preferred mode of investment, and their views and opinions about cryptocurrencies.

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Karnataka Bitcoin scam: SIT quizzes Congress-linked Nalapad brothers over ‘association’ with hacker Sriki

Karnataka youth congress president mohammed haris nalapad and his brother omar haris nalapad were questioned last week over their alleged links to hacker srikrishna ramesh, the main accused in the bitcoin scam..

research paper on bitcoin in india

A Special Investigation Team (SIT) of the Karnataka Criminal Investigation Department (CID) that is investigating a Bitcoin scam involving cryptocurrency allegedly stolen by international hacker Srikrishna Ramesh alias Sriki has questioned state youth Congress president Mohammed Haris Nalapad and his brother Omar Haris Nalapad over their past association with the accused.

Mohammed, 33, and Omar, 29, were questioned over two days last week regarding their association and financial transactions with Sriki, 30, sources familiar with the probe said. The Nalapad brothers are sons of N A Haris, the Congress MLA from Bengaluru’s Shantinagar.

research paper on bitcoin in india

The SIT, which is probing alleged police corruption in the original handling of the hacking cases following Sriki’s arrest in November 2020, is also looking at instances of possible usage of stolen cryptocurrency by the hacker with several high-profile associates.

“The questioning (of the Nalapad brothers) was with regard to the Cottonpet case (alleged hacking of multiple crypto exchanges by Sriki). Expenses for the hotel stay (of the hacker), travel and other expenses were met by some of the associates. This is being investigated,” an SIT source said.

The SIT began its probe into the Bitcoin scam in June 2023 at the instance of the new Congress government. It arrested Sriki and his close associate and fund manager Robin Khandelwal, 30, last month in connection with the June 23, 2017 hacking of Unocoin Technology Pvt Ltd’s crypto exchange in Karnataka which led to the theft of 60.6 Bitcoin valued at Rs 1.14 crore (at the then prevailing rate of Rs 1.67 lakh per Bitcoin).

Festive offer

According to statements given to the police in 2020 by Khandelwal, a Kolkata -based Bitcoin trader who doubled up as a crypto fund manager for the hacker, he sold 130 Bitcoins that were allegedly given to him by Sriki between 2017-20. A total of Rs 3.48 crore from the sale of the Bitcoins was allegedly transferred to the accounts of people indicated by Sriki while Rs 1.5 crore was provided in cash (through hawala routes) to Sriki himself.

The link to the Nalapad brothers

Following his earlier arrest in November 2020 by the Bengaluru Crime Branch police, Khandelwal had given statements to the police – these are part of the chargesheets filed by the Bengaluru police against Sriki and his associates in 2021 – that indicate links to the Nalapad brothers, sources said.

In his statements, Khandelwal has reported travelling to Bengaluru in 2018 after meeting Sriki online and carrying out a few crypto trades on his behalf. “In April 2017, Srikrishna, who sells Bitcoins at localbitcoin.com, met me online. Srikrishna chatted on the localbitcoin.com website and said that he had 900 bitcoins to sell. I agreed to this and received Bitcoins from Srikrishna and sent money from my account…,” Khandelwal stated.

During the visit to Bengaluru in January 2018, Khandelwal said he met Sriki at a five-star hotel with his friends, including Mohammad, Omar and their associate Mohammed Nafi, among others.

“At this time Srikrishna had hacked the databases of Bitcoin exchanges and kept a lot of Bitcoins with him. He showed me the Unocoin database,” Khandelwal’s voluntary statement to the Bengaluru police in 2021 states.

In February 2018, when Mohammed Nalapad was involved in a brawl at a pub in central Bengaluru and was arrested, Sriki who was in his company fled from Bengaluru and reportedly stayed with Khandelwal in Kolkata and other places, Khandelwal has claimed in his statement.

In the period that Sriki was on the run (till October 2018), they were allegedly joined by friends from Bengaluru in Delhi, Chandigarh , Himachal Pradesh and Mumbai . Omar Nalapad was among the friends Sriki and Khandelwal allegedly met during this time.

“When Srikrishna was at our house, he told me that he wanted to go to Mumbai, so I hired a car. I went to Mumbai with Srikrishna and joined Omar Nalapad, who was already staying at the ITC Maratha Hotel,” Khandelwal’s statement alleges.

Later, Khandelwal, Omar and four others are reported to have rented a private jet to fly from Chandigarh to Mumbai with the cost of the flight being borne by Khandelwal from the crypto funds provided to him by Sriki, as per Khandelwal’s statements.

According to Khandelwal’s bank account records – these were attached to the earlier chargesheets filed by the Bengaluru police against Sriki and his associates – Khandelwal paid Rs 11 lakh to a firm Chipsan Aviation Pvt Ltd at Sriki’s instance; Rs 45 lakh for purchase of a Porsche Macan car in Bengaluru by an associate; while Rs 27 lakh was given to an associate Mohammed Nafi, among others.

While there is no record of direct fund transactions between Sriki, Khandelwal and the Nalapad brothers, Sriki, in a statement given to the CID police in 2021 following his arrest in connection with a July 2019 hacking at the Karnataka government’s e-procurement portal, claimed to have made an “investment” of 150 Bitcoins and 1,100 Ethereum with Mohammed Nalapad after meeting the brothers in 2017.

“In 2017, I completed my degree and came back to India. After coming back to India, I became close to Nalapad (the younger son named Omar Haris Nalapad) and spent my days chilling with him,” reads Sriki’s statement to the CID cybercrime police in 2021.

“I gave his brother Mohammed Nalapad Haris 150 BTC and 1100 ETH and he claimed that it was an ‘investment’ to be returned in six months as clean white money,” the statement adds.

Police sources said that Sriki has made many statements about giving away cryptocurrency but the statements have been denied by those named by the hacker. The statements, however, are a subject of investigation and verification, the sources added.

Last month, the SIT quizzed the son of a senior Karnataka IPS officer over the hacking cases involving Sriki. The senior IPS officer’s son was questioned over his role in the purchase of a Rs 57 lakh Porsche Macan car by a group of youths using funds allegedly provided by Khandelwal in January 2018.

“Sriki and associates got funds from multiple hacking crimes. The stolen cryptocurrency was converted using the services of the accountant and used for various purposes – purchase of cars, booking flights, hotel fares. The purchase of the Porsche car is under investigation for use of funds obtained by hacking,” an SIT official said.

A look at the Bitcoin scam

Hacker Sriki and his accountant Robin Khandelwal were initially arrested by the Bengaluru Crime Branch in November 2020 on charges of buying drugs online using Bitcoin. The case eventually led to the cracking of several cybercrimes in Karnataka, including a Rs 11.5 crore heist from the state e-procurement portal in 2019.

The handling of the cases involving Sriki under the BJP regime in Karnataka after the arrests in November 2020 resulted in allegations of corruption by the Congress when it was in Opposition between 2020-2023. It is also alleged that police officials grabbed a large cache of Bitcoin that was found in the crypto wallets of the hacker Sriki after his arrest in November 2020.

At the time of Sriki’s arrest in 2020, the value of one Bitcoin was in the range of $25,000 (around Rs 20 lakh) and soared to as high as $60,000 (around Rs 50 lakh) by April 2021.

Shortly after it came to power in Karnataka in May 2023, the Congress government constituted a CID SIT on June 30, 2023, to probe the Bitcoin scam from the BJP tenure.


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How Elon Musk got caught in the EVM cross-fire in India

Vatsala Gaur

  • Tesla founder Elon Musk sparks controversy in India with his remarks on EVMs.
  • Former IT minister and opposition leaders react to Musk's statement, reigniting the debate over EVM security.
  • The Indian Supreme Court upholds the credibility of EVMs, dismissing petitions for 100% VVPAT verification.

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The EVM debate in Indian politics

EVMs have long been a point of contention in Indian politics. Opposition leaders frequently argue that EVMs are susceptible to tampering, calling for a return to paper ballots. While the debate intensified in the run-up to the elections, it seemed to subside post-results.

However, the BJP’s reduction to 240 seats, necessitating alliances to form the government, has rejuvenated discussions, especially among the strengthened opposition alliance, INDIA.

Musk’s controversial comment

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Kennedy highlighted voting irregularities related to EVMs in Puerto Rico’s primary elections and advocated for a return to paper ballots to avoid “electronic interference with elections.” Musk responded,

“We should eliminate electronic voting machines. The risk of being hacked by humans or AI, while small, is still too high.”

Former IT minister confronts Musk

Musk’s statement did not go unnoticed. Rajeev Chandrashekhar, former Indian union minister of state for information technology and electronics, quickly responded. He criticized Musk’s generalization, stating,

“This is a huge sweeping generalization statement that implies no one can build secure digital hardware. Wrong. Elon Musk’s view may apply to the US and other places where they use regular compute platforms to build Internet-connected voting machines. But Indian EVMs are custom-designed, secure, and isolated from any network or media. No connectivity, no Bluetooth, wifi, Internet. There is no way in. Factory programmed controllers that cannot be reprogrammed. Electronic voting machines can be architected and built right as India has done. We would be happy to run a tutorial, Elon.”

Musk’s statement fuels local news reports

Adding fuel to the fire, an Indian news publication, Mid-Day, reported an incident involving an alleged manipulation of an EVM in Maharashtra.

The report claimed a relative of a BJP ally candidate was caught using a phone connected to the EVM to generate an OTP that unlocked the machine.

The candidate won by a slim margin of 48 votes. Although police later denied these claims, the report, combined with Musk’s statement, reignited the debate.

Rahul Gandhi’s reaction

Rahul Gandhi, Congress MP and de-facto chief of the principal opposition party in India, seized the opportunity to criticize the EVM system. Reacting to Musk’s statement and the Mid-Day article, Gandhi said,

EVMs in India are a ‘black box,’ and nobody is allowed to scrutinize them. Serious concerns are being raised about transparency in our electoral process. Democracy ends up becoming a sham and prone to fraud when institutions lack accountability.

The Indian Supreme Court’s stance on EVMs

In a recent ruling, the Indian Supreme Court affirmed the credibility of EVMs and their integration with VVPATs (Voter Verifiable Paper Audit Trails).

The court dismissed petitions seeking 100% verification of votes cast through VVPATs and rejected a return to the ballot paper system, stating, “Blindly distrusting poll process can lead to unwarranted suspicion.”

Implications for the future

Elon Musk’s comments have inadvertently revived a long-standing debate in Indian politics, highlighting the global concerns over electronic voting systems.

While the Indian Supreme Court and former IT Minister Chandrashekhar defend the integrity of Indian EVMs, the opposition continues to question their transparency and reliability.

As India moves forward, the debate over EVMs is likely to persist, reflecting broader concerns about the security and trustworthiness of electronic voting systems worldwide.

For Musk, his involvement underscores the influence of global tech leaders on national political debates, even when their remarks are not directly targeted at a specific country’s electoral process.

Elon Musk’s entry into the EVM debate in India showcases the intersection of technology and politics on a global scale.

As the discourse continues, it remains to be seen how these discussions will shape the future of voting systems in India and beyond.

The episode underscores the importance of securing and maintaining trust in the electoral processes, crucial for the health and stability of democracies worldwide.

research paper on bitcoin in india

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Bitcoin ETF Buyers Are 'Paper Hands' And 'Will Sell When They Start Losing Money,' Analyst Claims

Zinger key points.

  • Jim Bianco highlights that most Bitcoin ETF trades are retail-driven, with minimal involvement from institutional investors yet.
  • Bianco warns that retail investors ("paper-hands") are more likely to panic sell, leading to increased Bitcoin market volatility.

Spot Bitcoin BTC/USD ETF buyers may be mostly self-directed retail investors and not institutional traditional finance investors , according to Jim Bianco from Bianco Research .

What Happened: In his latest social media thread, Bianco highlighted BlackRock executive Samara Cohen sharing that most Bitcoin ETF transactions involve self-directed investors utilizing online brokerage accounts. This claim is supported by data showing the average size of a spot Bitcoin ETF trade to be just $14,600, significantly smaller than trades seen with more established ETFs like SPY.

"This is exactly what you'd expect if the buyer is a retail Degen," noted Jim Bianco, emphasizing that TradFi is largely not participating yet.

Bianco further noted that the average trade size will only increase when institutional investors start trading in larger volumes, which is not currently happening. He highlighted a trend where most retail investors in Bitcoin ETFs have transitioned from on-chain accounts to regulated brokerage platforms.

Also Read: Bitcoin Spot ETFs See $146M Outflows On Monday For 5th Outflow Day In 6

Why It Matters: The predominance of retail investors in Bitcoin ETFs is crucial because they are historically more prone to panic selling compared to institutional investors, Bianco warned. "Retail Degens are paper-hands and will sell when they start losing money, more so than TradFi," he notes,  which could cause increased volatility in the Bitcoin market.

The average purchase price for these Bitcoin ETFs since they started trading last January is approximately $61,000. Bianco noted that while current Bitcoin prices haven’t reached this level yet, it’s a critical threshold to monitor.

Bianco pointed out that recent trends show Bitcoin ETF outflows over the last six days, coinciding with falling prices. The next significant macroeconomic event, the FOMC meeting, is scheduled for July 31. This upcoming event could once again influence market sentiment and prices.

What’s Next : The influence of  Bitcoin as an institutional asset class  is expected to be thoroughly explored at Benzinga’s upcoming  Future of Digital Assets  event on Nov. 19.

Read Next: Peter Schiff Trains His Guns At Bitcoin Spot ETFs Once Again: What Happens ‘When Buyers Get Tired Of Waiting And Become Sellers Too?’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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