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Since the inception of Bitcoin in 2009, the popularity of cryptocurrency has grown rapidly. Many other new cryptocurrencies are launched since then and are widely used as a medium of exchange. Due to its popularity and usability, the price of bitcoin has already touched $63000 in April 2021. A cryptocurrency is a virtual or digital currency that is highly secured by cryptography or encryption techniques which makes it nearly impossible to counterfeit such cryptocurrency. These cryptocurrencies are designed to work as a medium of exchange. Bitcoin is the first type of cryptocurrency that presently remains the most used, valuable, and popular. After bitcoin, many other alternative cryptocurrencies with varying degrees of functions and specifications have been created. Bitcoin which is the most popular cryptocurrency was launched in 2009 by an individual or group known by the pseudonym "Satoshi Nakamoto". Through cryptocurrency funds transfer between two parties will be easy and there is no need for third parties like credit/debit cards or banks. It can help save money and time for both the remitter and the receiver as it is conducted entirely on the Internet. As there is no regulation over cryptocurrencies, it is a possibility that cryptocurrency may be used for illegal activities such as money laundering, tax evasion, and possibly even terror financing. Cryptocurrencies are that they are not accepted everywhere. Since the inception of the most popular cryptocurrency i.e. bitcoin in the year 2008, cryptocurrencies have gained much significance all around the world including India. Now Government of India has framed a rule for transactions and acceptance of cryptocurrencies and marking India's first step towards entering the new phase of the digital revolution. A flat 30% capital gains tax on crypto profits and a 1% tax-deductible at source (TDS) on all transactions involving crypto, no offsetting of losses, and taxation of crypto gifts were proposed by Finance Minister during the budget speech.