A STUDY ON GOING CASHLESS WITH CRYPTOCURRENCY IN INDIA AND ITS IMPACT IN BANKING INDUSTRY

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Dr R.B.Ayeswarya, Ms. Reema Varghese

Abstract

India is a developing country and one such development is transforming to be a Digital India. With the announcement of demonetisation in 2016, India took a huge step of transforming to Cashless Economy. The idea of transforming into digitalization was to eliminate black money in the country. Banking system has faced a major change in this transformation by introducing Net Banking, Mobile Banking. Being the industry with the most leading financial sector of the country and one of the most important reasons for economic development, with the innovation of certain digital currencies the banks was not satisfied. One of the digital transformations is the evolution of Crypto currency. Cryptocurrency is a digital or virtual currency which is moulded to use as a medium of exchange used by a strong cryptography (used for solving codes) to secure financial transactions and verify the transfer of assets. They are considered to be one such future development of Block chain technology. But the awareness regarding to cryptocurrencies is not appreciated. The Banking sector is opposing to investment or transactions with cryptocurrencies as the banks do not earn much profits with the innovation of cryptocurrency. The objective of the study is (i)To assess the level of awareness among the investors on investment in crypto currency (ii) To suggest measures on bringing new form of crypto currencies for progressing towards a cashless society

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