LEGAL ASPECTS OF BLOCKCHAIN TECHNOLOGY IN INDIA

The advent of blockchain technology marks a game-changing innovation. Applications of blockchain technology range from cryptocurrencies to banking, healthcare, governance, logistics, and administration. While India lacks specialised blockchain legislation, the technology is governed through the existing legal framework, which includes the Information Technology Act 2000, Digital Personal Data Protection Act 2023, tax law, anti-money laundering laws, and judicial precedents. This research paper examines the legal regime governing blockchain technology in India. More specifically, this paper will examine issues surrounding smart contracts, cryptocurrency regulation, data protection and challenges posed by decentralised and immutable digital records. It further analyses government initiatives, such as public governance using blockchain technology, as well as RBI's Digital Rupee project, illustrating a changing regulatory approach of India towards the use of blockchain technology. Moreover, this paper will address emerging issues in digital asset management, decentralised finance (DeFi), artificial intelligence (AI), and Internet of Things (IoT). KEYWORDS: Blockchain technology, Digital Personal Data Protection Act, 2023, Information Technology Act of 2000, Decentralised finance (DeFi) etc.