Digitalised currency is a 21st century’s phenomena which may revolutionise all type of monetary transactions and provide new dimensions to all type of commercial sectors. It may give death blow to the rudiment/conventional system of transaction. Banking sector will be soon going to witness a major revolution by adopting cryptocurrency system. it is grabbing the attention from retail banking clients and institutional investors, fin-techs and venture capital funds. Hence Banks cannot escape from this excellent opportunity. The objective of this paper is to understand cryptocurrency transactions, its types, rules and regulations governing it, also studies why banks are reluctant to adopt crypto currency phenomenon, how crypto currency transaction impact the banking industry, list out the difference between the conventional bank transaction and crypto currency transaction, and studies various crypto scams and suggest measures to overcome them. To sum up crypto currency can be predicted as a future currency which will take place of paper currency at world level however one need to be cautious in using this technology.
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Keywords: Cryptocurrency, Bitcoin, Cryptography, Decentralised, Virtual currency, Digital Currency.
