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Research Paper | Business and Finance | India | Volume 11 Issue 12, December 2022 | Popularity: 4.6 / 10
Emerging Paradigm of Digital Currency in the Banking System: A New Shift for Afghanistan
Muska Hamza, Timor Shah Halim, Naseebullah Amani
Abstract: From its inception, digital currencies have spread like wildfire, with millions of users participating in a brand-new financial industry worth billions of dollars. As the globe continues to enter the digital age, the use of digital currencies will only increase. In 2018, the e-payments industry generated record-breaking worldwide revenues of $1.9 trillion. The question pondershow Digital Currencies Will Shape the Future of the Banking System in Afghanistan. Obviously, online banking is swift and facilities easy transactions; however, there are challenges to decentralizing some currencies like cryptocurrency. The digital transaction also facilitates cash outflow, and the central bank loses control over the country's financial system. Money laundering (Hawala) leads to cash outflow; on the other hand, international trade needs a swift banking system. There are ostensible challenges. Most of the Afghan citizens do not have a bank account, and the majority lack English and soft skills to operate online banking inday-to-day business dealings. The current study elaborates on how digital currencies are feasible with the traditional banking system and Afghanistan, and the study is limited to the Banking and digital premise.
Keywords: Digital currency, Cryptocurrency, online banking and Traditional Banking
Edition: Volume 11 Issue 12, December 2022
Pages: 940 - 946
DOI: https://www.doi.org/10.21275/SR221218160715
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