An Analysis of Cryptocurrency: A Survey on the future of Indian Digital Currency
Ms Soumya Vijaykumar Sirsali1 Ms Jayalakshmi M2 Mr Pramod Chichkote3
1 Research Scholar, Mysore University, ISBR Research Centre, Bangalore
2 Senior Assistant Professor, NHCM, New Horizon College, Marathalli, Bangalore
3 Students, AIMS IBS Business School, Bangalore
ABSTRACT
The demonetization of currency in the year 2016 by Modi government revolutionized the movement towards usage of digital payment methods in India. Though it was strenuous decision for country like India where 90% of the transactions are in cash, people adopted digital mode of payments in short span of time. The adoption of digital methods for payments is facilitated by phenomenal increase in ownership of smart phones and presence of user friendly payment modes like PAYTM and BHIM UPI. The paper tries to explore the shift in Indian Investing behaviour when CBDC’s are launched by Indian Government and global trends in digital currencies in different countries and tries to examine the implications of digital currency for India through secondary data. A digital coin of the country in which the encryption methods are being observed to determine the creation of whole of paper money and prove the validity of transaction of money, worked freely for a central bank. As the digital currency will be issued by the central bank of India, it will help to overcome the disadvantages of cryptocurrency, bitcoin and others. The digital currency will also use the Blockchain technique and other technique to issue it. The value of each digital currency will remain as the value of the paper money, it will no varies and there will be no loss to the consumer. The proposal of launching digital currency is done in the budget of 2022 by Finance Minister Nirmala Sitharaman. Digital Currency trading will be safe in India then the cryptocurrency and bitcoin as it is issued by the Central bank of India.
The factors to study the research is to find out the future of Indian digital currency in the light of bitcoin, behaviour of the investors and the benefit in various sectors of the government after the issue of the digital currency.
Keywords: Digital currency, Blockchain, Bitcoin,Cryptocurrency
