Crypto currency has taken the world by storm. The financial industry is facing the heat of crypto currencies and block chain technology. Banks have started feeling the pinch with alternate and innovative block chain based solutions for money transfers and other payment solutions. Post economic crisis of 2008, virtual currency is being looked upon as an alternative to existing financial infrastructure based on banks, credit cards and other payment networks. A currency system not tied up to a country’s government is seen as a solution to prevent manipulation in value of currency by central authority intervention. However, Governments are divided on actions to be taken with respect to use of crypto currencies as a legal tender. This paper is an attempt to understand the architecture of crypto currency, its robustness in relation to existing currency, global scenario and crypto currency market in India. It is observed that crypto currencies are too powerful to be ignored. Adaptation of existing monetary system to incorporate virtual currency with robust security features is the way out.
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First Author: Dr. Jyoti Nair
Second Author: Dr. Anju Motwani