Investing in India : Evaluating the Prons and Cons of
Stock and Crypto Markets
Krati Nitin1 [0009-0006-3721-0556] and Jaheer Mukthar K.P 1[0000-0002-7888-0242]
1
Kristu Jayanti College Autonomous, Bengaluru, India
[email protected] Abstract. The study examines the characteristics of cryptocurrency to Indian
equities market to evaluate the similarities, risks, investment preferences, and
the profit margin pattern in India. While the existing literature provides us the
information about the qualitative aspects of digital currency, challenges and the
benefits for Indian economy in the recent years. We find that developing coun-
tries like India, the support from the government is necessary. The bulk of the
earning members of an Indian home would have trouble fully trusting the tech-
nology, thus cryptocurrencies can't absolutely dominate India. Given the di-
versity of the Indian people, there is a chance that it would succeed, which
would be good for the whole nation. Due to its promising outcomes, many
people think that cryptocurrencies will flourish in the Indian economy in the
future. The rate of return is what draws in investors, and emerging nations like
India will profit from the use of virtual currencies like bitcoin or cryptocurren-
cies. Some even think that cryptocurrency might be a reliable source of passive
income. People may have more time to follow the stock market and trade in
cryptocurrencies as a result of having more remote employment. However, it’s
anticipated that it would mostly serve as supplemental income rather than the
main source of revenue as in other nations. A person can purchase or sell shares
of cryptocurrency on a regular basis and can merely invest for potential future
gains. It is a long-term investment.
Keywords: Cryptocurrency, Stocks, India, COVID-19, CBDC
Introduction
The trend of global challenges like COVID-19 pandemic and Ukraine-Russia war
have slowed down the world’s economy. Shutdown of several production channels
have affected the economies disruptively. As a result of the centre's sudden lockout,
the GDP growth had fallen by 23.9%. In 2020–21, the GDP of India decreased by
7.3%. Since independence, this was the year the Indian economy performed the
poorest. India's GDP is now expected to expand at a rate of less than 10%.
The pandemic disrupted supply chains across various industries, leading to shortages
of essential goods and raw materials which had led to widespread job losses across
sectors, particularly in the informal sector. Small and medium enterprises (SMEs)
were particularly hard hit by the pandemic, with many struggling to access credit and
2
maintain their operations. According to the Centre for Monitoring Indian Economy
(CMIE), India lost over 122 million jobs in April 2020 al
As more people shift towards digital platforms for various activities, including e-com-
merce, education, healthcare, and financial services, it’s only natural that the digital
investment becomes popular these days.
The shift towards digitalization of investment, including cryptocurrency, has been a
notable trend in recent years. Cryptocurrencies, such as Bitcoin, Ethereum, and oth-
ers, are digital or virtual tokens that use encryption techniques to regulate the genera-
tion of units of currency and verify the transfer of funds. The pandemic has caused
significant economic uncertainty, with traditional investments such as stocks and real
estate becoming more volatile. In contrast, some investors see cryptocurrencies as a
potentially stable and secure investment.
The pandemic hastened the adoption of contactless digital transactions, especially for
small sums, as individuals attempted to ward off the infection. Cash dependence has
been fast diminishing since the advent of the smartphone age. With the advent of
cryptocurrencies, digital payments are developing as a whole. “(CHAND, T, 2022)”
Currency like Bitcoin, Ethereum, and Monero are quickly gaining acceptance
throughout the globe because they are a decentralised and extremely safe form of
money. They are unquestionably the next development in the long history of pay-
ments, even though it could take some time for them to be acknowledged as a legitim-
ate form of money by governments throughout the world.
Prior to the covid, there have been rapid growth of rate of return in the cryptocurrency
market, which made the financial investors curious about this investment options
“(Papadopoulos et al, 2021)”. With the upcoming high- speed internet and digitaliza-
tion trend, cryptocurrency has rose up all around the world. Furthermore, many of the
countries in the year 2021 had accept the cryptocurrency as a legal mode of transac-
tions. El Salvador became the first country in 2021 to make the cryptocurrency as
their legal tender. The United States have issued the guidance for the cryptocurrency
since 2013, defining it as a convertible currency providing it an equivalent vale of real
currency or substitute of real currency as a mode of transactions. The European Union
has amended the regulatory policies on crypto-asset transactions, to ensure the safety
of public while accessing the cryptocurrencies. Countries like Canada, Australia view
cryptocurrency as commodity and any gain on it will be viewed as business income
and should be reported to the taxation office for tax purposes “(Bharucha, 2022)”.
Despite the fact that many nations across the world accept Bitcoin, others are leery of
it due to its volatility and decentralised nature. “(Studio, H.B., 2022)” Some people
are afraid that it may be used to finance illegal activities like drug trafficking, money
laundering, and terrorism, but they're also concerned that it might jeopardise their
present monetary systems. Some countries have outright banned digital currency,
while others have tried to shut it off from the banking and financial systems that are
necessary for its exchange and usage.
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Meanwhile, with the sudden shift towards the digitalization in the mode of transac-
tions, India has noted 82% of their citizens to use digital payment options instead of
cash. This rapid change in the payment area has made the Indian central bank to issue
their own CBDC (Central Bank Digital Currency) as a digitalized version of rupees
“(C, 2022)”. CBDCs are a nation's computerised currency that is issued, backed, and
manufactured by the monetary authorities, as opposed to cryptos.
On November 2022, The RBI had launched India’s CBDC with the aim to combine
both world’s; digital payment techniques of cryptocurrencies and the centralized and
secured regulation of traditional investment “(CHANDRA, S., 2022)”. In India, the
RBI has been exploring the possibility of launching a CBDC and has even set up a
high-level committee to examine the benefits and risks of introducing a digital cur-
rency “(Patil, 2021)”. However, the RBI has not yet announced a launch date or any
specific details about the CBDC, such as its name or features.
While CBDCs may share some features with cryptocurrencies, they are fundamentally
different in terms of their purpose and underlying technology. It is important to note
that CBDCs are distinct from cryptocurrencies like Bitcoin, which are decentralized
and not backed by any central authority.
Though cryptocurrency have many advantages, it’s been one of the debatable trends
in Indian market. It believes that cryptos pose a danger to a nation's financial inde-
pendence and leave it open to deliberate strategic manipulation by either the govern-
ments that control them or the private companies who issue their currency. But the
trading market shows different results.
Even with the objection of RBI; cryptocurrencies represent major risks to the macroe-
conomic and financial stability of the country. Because the Indian rupee is only par-
tially convertible, the regulator has knowledge and authority over who may access the
market. The trading market has been thriving, resulting in formulation of a pilot pro-
ject regarding the Central Bank Digital Currency.
However, with the increasing inflation, it can be witness that the crypto market has
not been performing well which can fluctuate the confidence of the people consider-
ing it as an investing alternative. Since the budget, there has been a noticeable shift in
the worldwide climate for digital currencies. Private cryptocurrencies have been
shown to be lacking in qualities like value stability. Additionally, cryptocurrencies are
prone to the virtual theft and hacking, resulting in the fluctuation of the prices and
causing people to suffer through big losses.
Statement of Problem
Although being investments, the stock market and cryptocurrencies have quite differ-
ent underlying assets, market volatility, liquidity, regulatory environments, and in-
vestor behaviour “(Singh, Rawat, 2019)”. In order to evaluate the relative benefits and
drawbacks of each investment choice, their possible risks and rewards, and how they
might fit into a diversified investment portfolio, comparative research must take into
4
account these aspects in addition to others. Such research also has to take into consid-
eration how quickly the cryptocurrency industry is evolving and innovating, which
might make it challenging to establish meaningful comparisons over time.
Objectives of the Study
- To analyse the in-depth differences between the stocks and cryptocurrency
market and how they operate.
- To evaluate whether cryptocurrency have a future in India
G-20 Effect on Cryptocurrency Market
With G-20 presidency, India is planning to formulate the regulations on crypto on the
inter-governmental forum. The G-20; 19 international countries and The European
Union with many financial institutes like International Monetary Funds (IMF), UN,
and Financial Stability Board (FSB) will be invited in for the meetings. Financial
Minister Nirmala Sitharaman states that “how to regulate cryptocurrency market” will
be one of the priorities of this presidency.
Though, G-20 presidency doesn’t affect the cryptocurrency market directly, the dis-
cussion and debate will affect the global cryptocurrency market which in turn will
affect the market of cryptocurrency in India.
One of the primary elements that can have an impact on the bitcoin sector is the limits
that the country has put in place. By increasing investor demand, the G-20 will have a
positive impact on the bitcoin market if it establishes uniform rules and regulations
for the whole world. Yet if the G-20 rejects them or imposes stringent regulations,
interest in cryptocurrencies may swiftly wane.
India's cryptocurrency market has already been affected by government regulations.
In 2018, the Reserve Bank of India (RBI) issued a circular banned banks from dealing
with cryptocurrency exchanges, which led to a decrease in trading volume. However,
this ban was lifted in 2020 by the Supreme Court of India, which allowed cryptocur-
rency trading to resume.
The regulatory environment in India has already been shaped by domestic policies,
and any future changes in the G-20's approach to cryptocurrencies may have implica-
tions for the Indian market.
Cybersecurity of Cryptocurrency
The cybersecurity risks associated with stocks and cryptocurrencies are different in
several ways:
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Centralization:
Stocks are centralized, meaning that they are traded on regulated exchanges, while
cryptocurrencies are decentralized, meaning they are traded on a distributed network
of computers. This difference has implications for the security of these assets.
Transparency:
Stocks are more transparent than cryptocurrencies because they are traded on regu-
lated exchanges where there are clear rules and regulations in place. Cryptocurrencies,
on the other hand, are often traded on decentralized exchanges that may lack transpar-
ency and accountability.
Regulation:
Stocks are subject to government regulations and oversight, while cryptocurrencies
are largely unregulated. This can make it more difficult to protect investors in the
event of fraud or theft.
Attack surface:
Cryptocurrencies have a larger attack surface than stocks because they are traded on a
decentralized network of computers. This makes them vulnerable to hacking and
other cyber attacks, which can lead to the loss of funds.
Custody:
Stocks are typically held in custody by brokerage firms, which have their own secur-
ity measures in place to protect their clients' assets. Cryptocurrencies, on the other
hand, are often held in personal wallets, which may lack the same level of security.
Overall, the cybersecurity risks associated with stocks and cryptocurrencies are differ-
ent due to their fundamental differences in design and infrastructure. While both types
of assets require strong security measures to protect against theft and fraud, the spe-
cific strategies employed may differ depending on the asset type.
Nonetheless, A National Level Blockchain Framework was introduced by the Indian
government in January 2020 as part of its efforts to inform and educate the public
about cybersecurity in the cryptocurrency sector. The government is taking action to
lessen dangers and embrace the potential benefits of blockchain technology, but it is
unclear how it will do so.
Similarities between the Cryptocurrency and Stock Market
Though, cryptocurrency and stocks are fundamentally different they do have some
similar characteristics:
6
Volatility
Both stock market and cryptocurrency are known for its volatility nature. The stock
market of India has seen plenty ups and downs throughout the time period “(Agarwal,
Gupta, 2018)”. Similarly, extreme volatile nature is one of the characteristics of
cryptocurrency market with unpredictably price fluctuations.
Investment options
Stocks as well as cryptocurrency provides the investment options for the people of
India. Stocks has a well-established market and has been known for a brief period of
time by the Indians. Cryptocurrency is relatively new to Indian market but has attrac-
ted many financial investors.
Regulations
Both the regulation of stocks and the legalisation of cryptocurrencies have fallen un-
der government control. The Securities and Exchange Board of India (SEBI) has con-
trolled the stock market, but cryptocurrency is a relatively new idea that offers various
chances for investors who are willing to take on more risks in exchange for a greater
potential reward.
Access:
Both markets are easily accessible to investors in India, with the stock market being
accessible through brokerage firms and the cryptocurrency market being accessible
through online platforms and exchanges.
Risk and Reward:
Both markets offer potential rewards for investors who make the right investments,
but they also come with risks. Investors in both markets need to be aware of the risks
involved and be prepared to lose their investment if things don't go as planned.
Risks Involved in Cryptocurrency Market
There are several risks associated with cryptocurrencies in developing countries like
India, including:
Lack of regulation:
Cryptocurrencies are not yet regulated in India, which means that there is no legal
framework to protect investors or users of cryptocurrencies. This can lead to potential
fraud, scams, and market manipulation.
Volatility:
7
Cryptocurrencies are known for their volatility, which means that their prices can
fluctuate wildly over short periods. This can make them risky for investors who are
looking for stable investments.
Security risks:
Cryptocurrencies are stored in digital wallets, and these wallets can be vulnerable to
hacking and theft. This is particularly concerning in countries like India where cyber -
security infrastructure is not as robust as in developed countries.
Lack of awareness:
There is a lack of awareness about cryptocurrencies in India, particularly in rural
areas. This can lead to uninformed investment decisions and can leave people vulner -
able to scams and fraud.
Regulatory uncertainty:
The Indian government has not yet taken a clear stance on cryptocurrencies. This has
led to uncertainty among investors, which can further increase the risk associated with
investing in cryptocurrencies.
Overall, while there are potential benefits to using cryptocurrencies, there are also
significant risks involved. It is important for investors to fully understand these risks
before investing in cryptocurrencies, particularly in developing countries like India
where the regulatory environment is uncertain.
Risks Involved in the Stock Market
There are several risks associated with investing in the stock market in developing
countries like India, including:
Political instability:
Developing countries are often characterized by political instability, which can create
uncertainty in the stock market. Changes in government policies or political unrest
can lead to sudden and drastic changes in the stock market.
Currency risks:
Investing in stocks denominated in a foreign currency can expose investors to cur-
rency risks. Fluctuations in exchange rates can impact the returns on investments.
Lack of regulation:
8
Developing countries may have weaker regulatory environments than developed
countries, which can create opportunities for fraud and manipulation in the stock mar-
ket. There may also be less transparency in financial reporting, which can make it
difficult for investors to make informed investment decisions.
Economic risks:
Developing countries often face economic risks, such as inflation, high debt, and trade
imbalances. These risks can impact the performance of companies in the stock mar -
ket.
Liquidity risks:
In developing countries, the stock market may be less liquid, meaning that it may be
more difficult for investors to buy and sell shares. This can create challenges for in-
vestors who need to sell their investments quickly.
Overall, investing in the stock market in developing countries like India can be risky,
and investors need to carefully consider these risks before investing. It is important to
do thorough research and seek advice from financial experts before making any in-
vestment decisions.
Profit Margin in the Cryptocurrency
Though the rate of return from the cryptocurrency is higher than of any other invest-
ment options, the profit margin can vary depending upon various factors like particu-
lar cryptocurrency, exchange rates, market conditions, and government policies.
In 2018, Reserve Bank of India had banned the banks to accept the crypto-assets as
well as provide services for crypto-related business. This had negatively affected the
transactional process of the cryptocurrency, making it hard for people to buy or sell
them. However, in 2020, Supreme Court of India had removed the banned imposed
by the RBI, making the transactions of cryptocurrency legal in India.
Though, cryptocurrency has not termed as legal tender in India, the income generated
from it is subjected to taxation under the Income Tax Act, 1961. In the budget session
of 2022-23, the income generated from the ‘virtual currency’ are subjected to 30%
tax. Even, the recipients of digital asset gifts are subjected to the taxation.
The short term capital gains (investments held for less than 36 months) and long term
capital gains (investment held for more than 36 months) are subjected to the same rate
of tax rate to financial investors, traders, or anyone trading in cryptocurrency in the
given fiscal year.
For example: A flat 30% cryptocurrency tax is applied on income gains of $50,000 if
an investment in cryptocurrencies worth $1,000,000 was made at the start of FY2022,
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and $1,500,000 was gained on the selling of the cryptocurrency at the end of FY2022.
You must pay a tax of 15,000 on your bitcoin investment gains for that fiscal year
(plus surcharge and cess).
Every sale of crypto assets is subject to 1% TDS, as per the updated Income Tax Reg-
ulations under the budget 2022-23. Please be aware, though, that the TDS will be
subtracted from the full selling price rather than just the profits. TDS is unconcerned
whether your transaction results in a profit or a loss. It will always be subtracted.
Other than this specific tax rate, there are other taxes like GST, applicable on the
cryptocurrency which will affect the profit margin of the investors.
Therefore, it is important for the financial investors to be aware about the tax regula -
tions formulated by the government before investing in the cryptocurrency. Taking a
help of legal consultant will help the investors to increase their profit margin legally.
Profit Margin in the Stock Market
Stock market has been in Indian Market for long period of time which makes the in-
vestors reliable on it. The profit margin though depends highly on the economic
policies, company’s performance and investor’s sentiments.
Indian stock market benchmark indices include the BSE Sensex and NSE Nifty. The
Indian stock market's performance is evaluated using these indicators, which are used
to track market activity. The historical average annual return on the Indian stock mar-
ket has been between 10 and 12%. The actual returns, however, might vary greatly
based on the performance of certain stocks and other factors. This is merely typical.
Under the Income tax act 111A, there is 15% of tax on the short-term capital and the
long-term capital gain of more than Rs. 1 lakh will be subjected to 10% (plus applic-
able cess).
It's important to keep in mind that investing in the stock market is risky and that there
are no assurances of success. It is always advisable to consult with a financial profes-
sional or carry out your own research before making a stock market transaction.
Revealed Preference Theory between Cryptocurrency and Stocks Market
According to the revealed preference theory, consumers' preferences for products and
services may be deduced from the actual purchases they make. Using revealed prefer-
ence theory, we may learn about people's preferences for investing in either market by
examining the actual investment decisions individuals make in the setting of the
cryptocurrency and stock markets in India.
In terms of the kinds of assets traded, the regulatory environment, and the rates of
return provided to investors, to name just a few, the stock market and the cryptocur-
rency market are fundamentally different from one another “(Sarfaraz, 2018)”. Not-
10
withstanding these variations, both markets have expanded greatly in recent years.
Because to the potential for significant financial gains, investors have been lured to
these markets.
While applying the revealed preference theory between the markets of cryptocurrency
and stocks, we will compare the following factors which affects the consumer
choices:
Market Size:
According to the RBI, as the cryptocurrency have emerged in the recent years, it’s
market size is comparatively smaller than of stock market. In fact, the cryptocurrency
market size is 1% of total stock market size in India.
The market capitalization of the cryptocurrency industry has been assessed at
US$150.214 million after the Supreme Court lifted the prohibition on cryptocurrency
trading in 2020. India has the fifth-highest rate of cryptocurrency owners as a percent-
age of the total population, at 7.3%. Ukraine has the highest score on this indicator
(12.73%), followed by Russia (11.91%), Kenya (8.52%), and the US (8.31%).
Whereas, in March 2022, India has entered in the Top five club of world’s most val-
ued stock market having estimated market cap of US$3.27 trillion, after beating up
the United Kingdom, Saudi Arab along with Canada.
Revenue:
According to the NDTV profits, The Nifty 50; Indian stock market index which rep-
resents the weighted average of 50 largest companies listed in NSE, have the decreas-
ing rate of return of 1.45% over the past month of February 2023.
Whereas, one of the most active cryptocurrency in India; Bitcoin (BTC) and Eth-
ereum has been increasing at the rate of 0.55% and 2.10% respectively, according to
the Economic times.
Although both markets have experienced rapid growth, they have also witnessed
volatility and downturns to varying degrees.
Risk:
Equities markets and cryptocurrency markets are well known for their high risk and
profit. The stock market is thought to be less volatile than cryptocurrencies. Compar-
atively speaking, the stock market offers a higher rate of return and lower risk, mak-
ing it a more trustworthy investment “(Onder, Onder, 2019)”. Consumers' investment
decisions are heavily influenced by their risk tolerance, which is the only factor that
influences their risk preferences.
Market sentiments:
11
Chart Title
25
21.28
20
18.55
17.87
15 14.77
10
5
3.94 3.33
2 1.91 2.49
1.08
0 0.18
2019 2020 2021 2022 2023
Series 1 Series 2 Series 3
Fig 1: Market Sentiments towards crypto market in India
Source: Statistica
The above figure shows the market sentiments towards cryptocurrency in India. The
orange line shows the prohibition on cryptocurrencies in China has affected the mar-
ket in India. The blue line, on the other hand, illustrates how the war between Russia
and Ukraine has affected the market value of cryptocurrencies.
Cryptocurrencies have received a variety of reactions in India. Cryptocurrencies are
viewed as a new asset class and payment mechanism by some people and businesses,
while others are leery of them due to potential risks and legal uncertainties. The Re-
serve Bank of India (RBI) has repeatedly warned banks and other financial institu-
tions not to deal with cryptocurrencies owing to worries about consumer protection,
money laundering, and fraud. Prospective investors and businesses are cautious and
suspicious since the Indian government has not yet provided a clear regulatory frame-
work for cryptocurrencies. Nevertheless, the Supreme Court of India invalidated the
RBI's circular in March 2020, which revived interest in cryptocurrencies in that coun-
try.
But with the Reserve Bank of India created Central Bank Digital Currency (CBDC)
on November 1, 2022, to replace conventional investment methods and maybe de-
12
velop into a new form of trade, despite the Indian government's intention to outlaw
cryptocurrencies.
Whereas, when interest rates were low in previous years, investors picked riskier
assets through direct stock or mutual fund systematic investment plans (SIPs). From
INR 43,921 crore in FY17, SIP's yearly contribution increased to INR 1 lakh crore by
FY20, and it currently averages INR 12,500 crore each month. In October 2022, a
30% rise, the SIP inflow hit its highest level of Rs. 13,000 crores. (YoY). The total
value of SIP assets under management (AUM) is approximately 6.64 lakh crore. In
FY22, direct equity investments from retail investors totaled INR 1.6 lakh crore. As a
consequence, retail investors owned a 15-year high of 9.7% of shares listed on the
NSE as of March 31, 2022.
Overall, we can conclude that the market sentiments towards the cryptocurrency has
not been positive because of the frequent fluctuations of prices in the year of 2022. In
result, the interest of investors has been slightly shifting towards the stock market
again.
Regulatory Environment
The "Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" was a
draught law that the Ministry of Finance released in November 2020. It called for the
outlawing of all private cryptocurrencies in India and the establishment of a frame-
work for the development of an official digital currency issued by the RBI. The bit -
coin industry and other interested parties have voiced their opposition to the idea,
claiming that outlawing private currencies will stunt the industry's innovation and
expansion. The law is but a draught.
Whereas According to the requirements of the Indian Securities and Exchange Board
Act of 1992, SEBI is recognised as the entity in charge of policing the Indian securit-
ies market. The 2015 LODR (Listing Obligations and Disclosure Requirements) re-
quirements are as follows: The corporate governance and information disclosure
standards that publicly listed firms specifies the requirements for stock exchange re-
gistration, regulation, and trading in India. The Insider Trading Regulations, 2015,
which also outline insider trading policies for India, forbid insider trading. The pro-
cedures and rules for acquiring shares and enterprises are outlined in the Takeover
Regulations, 2011, which were passed in 2011.
Conclusion
It is difficult to make a definite forecast about the future of cryptocurrencies in any
market since they are impacted by a wide range of factors, including governmental
changes, technological advancements, and market emotion.
The Reserve Bank of India (RBI) has forbade banks from transacting business with
businesses connected to cryptocurrencies, so it's crucial to remember that the Indian
government has historically taken a cautious approach to cryptocurrencies. The devel-
13
opment of a central bank digital currency (CBDC), however, which would give Indi-
ans a regulated and secure digital payment alternative, has also been considered by
the Indian government.
According to some estimates, India is home to millions of cryptocurrency users, and
Indian investors and business owners have recently demonstrated a greater interest in
cryptocurrencies. Nonetheless, a few business owners and organisations in India have
started to accept cryptocurrencies in exchange for goods and services, and cryptocur-
rency exchanges are also active there.
However, India have mixed stance on cryptocurrency cybersecurity. With the concern
of having potential risks of cryptocurrency on the Indian economy, government had
also shown interest in the adaptation of blockchain technology for the further ad-
vancement of the country. The Indian government has taken steps to increase aware-
ness and education around cybersecurity in the cryptocurrency space, including
launching a National Level Blockchain Framework in January 2020. It is unclear how
the government will regulate the industry, but it is taking steps to mitigate risks and
recognize the potential benefits of blockchain technology.
With some adjustments, it's possible that the Indian cryptocurrency market may grow
in 2023 and beyond, especially if any legislative changes lead to greater clarity and
stability for the industry. Yet future regulatory restrictions or market volatility may
have an influence on how popular cryptocurrencies are in India.
The COVID-19 increased the popularity of contactless digital transactions, especially
for little sums, as individuals attempted to avoid becoming sick. Cash dependence has
been falling off quickly ever since the smartphone age began. The rise of cryptocur-
rencies has sped up the development of digital payments as a whole. This study com-
pares the characteristics of cryptocurrencies to the Indian equities market to evaluate
the capability of this asset and its features over a range of Indian stock market indices
and volatility levels. Results show that cryptocurrencies and stocks may not fulfil the
criteria of safe assets, but they can provide significant opportunities for the capital
gain “(Ahmed et al, 2019)”. The G-20 presidency in India, can change the outlook of
cryptocurrency in the Indian market by formulating regulations, leading towards more
foreign investments.
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