Unlike traditional currency, which is issued by a central bank or administrator and regulated and issued by governments, cryptocurrency is a decentralised digital money that is issued without the intervention of a central bank or single administration. The use of bitcoin is well-known around the world, and people utilise it for peer-to-peer transactions for goods and services.With the current article, the researcher plans to examine the structure, or a deficiency in the department – of cryptographic forms of money in India. The article is divided into various parts viz. Part I, which looks at the legitimate situation in India and order of lawful occasions regarding VC’s. Part II examines the newly proposed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. Part III contains the concluding remarks.