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Finance Minister Nirmala Sitharaman’s announcement of a new monetary creature is uncannily similar to India’s transition to paper currency in the 19th century.
INTRODUCTION Cryptocurrency is a virtual or Digital currency. It is the outcome of consistent growth of information technology in the last three decades. The fear is expressed whether emergence of this digital currency would render Central Banks obsolete. The virtual currency may one day serve as alternative means of payment and unit of account. That would reduce demand for fiat currencies or Central Bank money. This paper has endeavoured to seek an answer to the question, “Will Monetary policy remain effective in a world without legal tender money?” CRYPTOCURRENCY- ORIGIN AND GROWTH The ...