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@article{171226,
        author = {Alagandula Shiny and Dr Sarath Simha Bhattaru and Disha Pandey and B.Parinitha and M.Sri vidhya},
        title = {Assessing the Impact of digital currencies on Financial systems and Consumer Behavior},
        journal = {International Journal of Innovative Research in Technology},
        year = {2024},
        volume = {11},
        number = {7},
        pages = {3660-3672},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=171226},
        abstract = {This research paper investigates the impact of digital currencies, including cryptocurrencies and Central Bank Digital Currencies (CBDCs), on India's financial system. Drawing insights from a survey of digitally aware respondents, the study examines public awareness, security concerns, and regulatory expectations surrounding digital currencies. Findings suggest moderate awareness, limited ownership, and significant security and regulatory concerns. While digital currencies are viewed as innovative tools with potential to increase financial inclusion, concerns about volatility, fraud, and the need for governmental regulation were prevalent. These insights underline the necessity for policy frameworks, enhanced security measures, and public education to support responsible digital currency adoption in India. The paper highlights study of the same aspect namely in terms of demographic factors, investors choices and preferences, monetary factors and other factors, and the implications collected are stated. A questionnaire was formulated using both closed- ended and open-ended questions and circulated using Google Forms. The scaling technique used in the questions was Likert scale (ranging from 1 to 5). Non- random sampling was used under which convenience sampling was done to reach a sample size of 50 respondents (all above the age of 18 were included). The nature of collected data is quantitative data. The data recorded is displayed in the form of tables and bar charts, application of statistical technique of simple percentages is done. the survey responses indicate the need to focus on trends in key areas such as familiarity, adoption, perception of impact on banking, security concerns, and the role of Central Bank Digital Currencies (CBDCs).},
        keywords = {CBDCs, financial system, familiarity and adoption},
        month = {December},
        }