Impact of Digital Currencies on Traditional Banking Systems: A Comprehensive Analysis

R. Murugaganesh , R. Dheepesh , M. Tamilarasan

Cryptocurrency, financial, technology, market, competition, digital, currency.

The research provides a sophisticated picture of the changing financial landscape by analyzing important aspects like increased competition, potential disintermediation, and changes in the transmission of monetary policy. The paper draws attention to the dual character of digital currencies, which offer both regulatory difficulties and potential for financial inclusion. The purpose of this research is to provide important insights into the transformative dynamics between traditional banking institutions and digital currencies through a thorough analysis. The way in which digital currency has revolutionized the conventional banking industry. with the growing fusion of virtual currencies with the world's financial system. The advent of virtual currencies has initiated a major metamorphosis in the worldwide financial landscape, exerting a substantial influence on conventional banking structures. This study looks at the various ways that the introduction of digital money may affect the structures and operations of traditional banking. This study examines the opportunities and difficulties that digital currencies present to traditional banking structures through a thorough analysis of recent literature and actual data. It also assesses how conventional banks have responded to the emergence of digital currency, looking into how they have tried to take advantage of technology developments and adjust to the changing financial environment.

Volume 9 Issue 2, February-2024

Pages : 338 - 342