Can there be localized cryptocurrency or tokens in India?: Study of M-Pesa & feasibility of implementing cryptocurrency in Dharavi

Abstract

A cryptocurrency is defined as a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography rather than by a centralized authority. With the advent of Covid-19 and increased technological advancements across the globe, there has been an uptick in the number and demand for cryptocurrencies across the world. Being a subset of blockchain technology, these currencies have become a store of value and can primarily improve transaction experience and support economic growth. Against this backdrop, we will conduct an indepth analysis of M-Pesa, one of the earliest and successful digital currencies introduced in Kenya, and assess the feasibility of implementing a similar tokenized currency in the Indian context, specifically in Dharavi, which is one of the largest slums in India.