DOES VIRTUAL CURRENCY INFLUENCES BANKING SYSTEM

S.SARAVANAN , ASSISTANT PROFESSOR, SIMS

Virtual currency came into presence in 2009 and it is the primary carefully decentralized money that one can use for exchanging through online stages. Any individual who needs to utilize this Virtual currency must have a computerized wallet that is in types of  application, cloud store or equipment. It was acquainted to give individuals a substitute framework for banking.

The national bank has consistently acted as an autonomous middle person between at least two people associated with money transfer. Banks act as an intermediaries for liquid asset .India has not yet completely embraced the utilization of computerized monetary standards.

The residents of India are disillusioned by the nation’s shoddy and imparted monitory choices, thus bringing about popularity for virtual currency. In India, individuals and few associations are putting  attempts to promote new currency exchanges. Virtual currency could be an answer for the new type of investment apart from Indian government money related structures.

For developing interest for the expansion of Virtual currency and the debilitating of the nearby money, The Ministry of Finance through the Economic Affairs Department delegated a board of trustees that would investigate matters concerning the utilization of virtual cash.

 Indian government has understood that it can’t limit its residents from the utilization of Virtual currency as a vehicle of trade. Besides, the legislature of India has started a discussion on its online entryway for citizens over the activity of virtual cash. The administration has showed a drive to comprehend the activity of Virtual currency and has prepared to offer assets structures.