Banking Meets Crypto: Integration Strategies in a Post-Demonetization Landscape

Shift from traditional banking to cryptocurrencies has become significant in the rapidly changing digital landscape, particularly in a world undergoing demonetization trends. This transformation has significant consequences for financial stability, regulatory frameworks, and transaction security, which require prompt exploration and direction. Focusing on this, the current study delves into analyzing how the emergence of cryptocurrencies has elevated their significance and led to their substitution of the conventional paper currency system. By conducting empirical analysis, the study explores the safety of using digital currency and its potential as the next generation of transactions. Hence, extensive research is undertaken in this paper to provide a comprehensive understanding of the operational dynamics of cryptocurrencies during their implementation and the impact of demonetization on cryptocurrencies. Data has been gathered from a sample of 183 participants from different geographical regions in the Indian territory to analyze individuals' trust in cryptocurrencies when their usage remains unregulated. The survey also examined the participants' prognostications regarding the future of Bitcoin. However, the analysis of the increasing influence of cryptocurrencies lacks empirical evidence due to limitations in data availability. Moreover, the study contributes to the discussion on the safety and viability of digital currencies as the future of financial transactions.