In recent times, banks and other sectors have implemented substantial
innovations in modern electronic payment systems. The Reserve Bank's initiative to
foster a less-cash society has led to widespread adoption of digital payment methods in
the country. Amidst the surge in electronic payment systems, digital banking stands out
as a significant milestone in banking history. In today's landscape, banks are exploring
innovative ways to differentiate their services. Considering this evolution in banking
practices, the introduction of digital currency by banks as a mainstream alternative to
physical currency could have far-reaching implications. This paper delves into the
potential consequences of integrating digital currency as a standard form of currency
alongside physical cash in banking and various transactions. It explores the
implications of incorporating digital currency into everyday e-payment practices within
the framework of digital banking. Furthermore, it investigates the effects of digital
currency on the broader economy, questioning whether its adoption would be
advantageous or detrimental to society. Additionally, the study examines how this
technological shift in monetary transactions would impact the general public. The
survey shows high familiarity with e-payment options, with 91.1% using them, 7.3%
avoiding them, and 1.6% relying on others. Awareness ratings were 26.6% excellent,
62.1% good, and 8.9% fair. While 71.8% were aware of digital currency, only 39.5%
understood it fully, 36.3% partially, and 24.2% not at all. In terms of investment,
23.4% had invested, 46% had not, 26.6% planned future investment, and 4% were
unaware. Advantages were acknowledged by 64.5%, while 35.5% disagreed.
Acceptance stood at 38.7% outright, 16.9% in disagreement, and 44.4% conditional on
centralized assurance. Regarding economic impact, 44.5% were positive, 15.3% were
negative, and 41.2% were uncertain.
Keywords: Bank, Bitcoin, Digital currency, E-payment systems.
